Friday, the U.S. Treasury's Office of Foreign Assets Control sanctioned individuals and companies in three networks for “procuring technology and/or materials to support Iran's ballistic missile program.” The measures are partly in reaction to Iran's January 29 test of an intermediate-range missile. One of the three networks, headed by Iranian businessman Abdollah Asgharzadeh, contains Chinese individuals and their companies. CNN reports that the Trump administration is planning at least another round of Iran sanctions. Those measures could—and should—hit Chinese banks. Unplugging Chinese financial institutions will shock global markets, but measures that leave them untouched will be ineffective.