WASHINGTON — Ahead of President Donald Trump’s high-stakes summit in China, the Treasury Department on Monday announced new sanctions targeting Chinese purchases of Iranian oil. 

The move came as Trump called Iran’s largest proposal to end the war “garbage” and cast doubt on the tenuous ceasefire reached between the two countries on April 8. 

To increase pressure on Iran, the Trump administration has issued a blitz of new sanctions as part of its Operation Economic Fury campaign. The latest measures target 12 individuals and entities in Iran, Hong Kong, the United Arab Emirates and Oman, focusing on the Islamic Revolutionary Guard Corps’ use of front companies to disguise oil sales. 

Before the war, China accounted for roughly 80% to 90% of Iran’s oil exports, much of it moved by a shadow fleet of vessels to evade sanctions. Treasury Secretary Scott Bessent said in a statement that Iran funnels its oil revenue into weapons production, support for terrorist proxies and the repression of the Iranian people. 

“As Iran’s military desperately tries to regroup, Economic Fury will continue to deprive the regime of funding," Bessent said. “Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and to destabilize the global economy.” 

Briefing reporters on Sunday, US officials said Trump will use his meeting with Chinese leader Xi Jinping to press Beijing to help broker an end to the Iran war, now in its third month.

This is a developing story and will be updated.