US Treasury Secretary Scott Bessent told a congressional hearing on Tuesday, September 15, that Washington would continue to pressure Iran’s financial and commercial networks, adding that the UAE had halted its financial and trade dealings with Tehran.

He also said China’s financial ties with Iran would be raised during his talks with officials in Beijing and at an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping.

Responding to questions from committee members, Bessent said the US had recently heard “very explicit statements” from the UAE. He said Abu Dhabi had announced a halt to financial transactions and trade with Iran, adding that one of his deputies had recently held positive talks in the UAE with government officials and representatives of the country’s financial system.

In August, the UAE officially announced that it would suspend all trade and financial transactions with Iran until further notice. The UAE Ministry of Foreign Affairs linked the decision to escalating regional tensions, while saying Abu Dhabi remained committed to supporting dialogue and regional cooperation.

The UAE has been one of Tehran’s most important trade and financial channels in recent years.

Bessent also addressed China, saying he was scheduled to meet Chinese Vice Premier He Lifeng later this week. The talks will take place ahead of the meeting between Trump and Xi.

According to the US Treasury secretary, Iran and China’s financial ties with Tehran will be among the issues discussed, with Trump and Xi expected to continue the talks.

The Trump administration launched a new phase of economic pressure on Iran in late August. At the time, Bessent warned that countries and companies continuing to trade with Iran could face secondary sanctions and restrictions on access to the US financial system.