Trump says China and Russia won’t sell weapons to Iran, and crypto markets are watching closely

President Trump announced that both Chinese President Xi Jinping and Russian President Vladimir Putin have assured him their countries will not sell weapons to Iran. The claim, made on July 24, 2026, positions two of the world’s largest military powers as neutral parties in the escalating US-Iran standoff. Trump’s statement is the latest in a series of diplomatic exchanges stretching back months. In April, he claimed he directly asked Xi not to supply weapons to Iran, and that Xi responded China was not providing any. That conversation reportedly came shortly after US intelligence reports indicated China intended to deliver air defense systems to Iran. In June, Trump warned of “big problems” if China proceeded with arms sales, while also publicly thanking both Xi and Putin for their neutrality. The backdrop here is the ongoing US-Iran conflict, which has centered on the strategic Strait of Hormuz. That waterway handles roughly a fifth of the world’s oil supply. Every time the US ratchets up pressure on Iran, the conversation about sanctions evasion through digital assets resurfaces. Iran has historically been linked to crypto mining operations and the use of digital currencies to m...