Bessent Says He’ll Meet With China's He Lifeng This Weekend

Summary

US Treasury Secretary Scott Bessent testifies before the House Financial Services Committee about Iran-related sanctions and financial enforcement. He says the UAE has made forward-leaning moves by cutting financial transactions and trade with Iran, and that Treasury sanctioned Dubai branches of an Egyptian bank that transferred more than $1.8 billion to Iran since 2025. Bessent adds that the US has had productive private discussions with China and will meet his Chinese counterpart this weekend.

• Bessent says the UAE has announced cutting financial transactions and trade with Iran.
• Treasury sanctioned Dubai branches of an Egyptian bank that will close.
• The sanctioned bank transferred more than $1.8 billion to Iran since 2025.
• Treasury has sanctioned three banks in its Iran-linked finance enforcement push.
• Bessent says the US has had good private discussions with China.
• He expects to meet his Chinese counterpart this weekend.
• Further China discussions may continue during President Xi's state visit.