The United States held productive private discussions with Beijing to sever financial links to Tehran, Treasury Secretary Scott Bessent told the House Financial Services Committee on Tuesday. Bessent stated that Washington has also observed public signals from the United Arab Emirates about restricting Iran’s access to financing. These combined diplomatic efforts target the removal of the Iranian regime from Western financial systems to disrupt its funding networks.

Bessent will meet with Chinese Vice Premier He Lifeng this weekend prior to a summit between President Donald Trump and Chinese President Xi Jinping next week. The high-level meeting between Trump and Xi will further address China’s financial connections to Iran as part of a broader U.S. strategy to block the government's access to capital.