"We've cut off probably over 95 percent of the oil revenues, so there's a very small amount of oil revenues, and you're right, a component of that, a big component of that is China," Mnuchin said. "I sat down with the Chinese officials. They flew in a delegation to meet with us and the State Department to talk about this. They've cut off all of the state companies from buying oil, and we're working closely with them to make sure that they cease all additional oil activities."
Mnuchin said the administration's goal is to cut off oil revenues going to "bad acts."
He pointed out that China and even European countries could face U.S. sanctions over Iranian oil.
"China is subject to sanctions just like everybody else," Mnuchin said. "We actually sanctioned some of their shipping companies that were involved in the oil, and we will continue to pursue sanctions activities against China and anybody else around the world that continues to do business with them."
"The Europeans are adhering to our primary sanctions..." Mnuchin added, using France as an example. "They would be subject to secondary sanctions, and they understand that."