The United States has threatened Iran with what it describes as the “largest financial offensive in history,” preparing new sanctions aimed at Tehran’s trade partners, according to reports from Reuters.
US Treasury Secretary Scott Bessent is scheduled to hold a press conference at 1 PM Eastern Time (7 PM in Poland) to unveil further, more severe actions against Iran, which has faced economic sanctions almost continuously since the Islamic Revolution in 1979.
US Aims to Target Iran’s Trade Partners
Bessent has not disclosed specific details of the planned actions. However, he indicated that the US may impose sanctions on countries that continue to maintain economic and financial relations with Iran.
He referred to these nations as “timorous states” that engage with the Iranian economy while adopting a policy of concessions towards Tehran. Bessent warned them of the consequences of continuing these relationships.
In response to the impending sanctions, Iran has been preparing for an escalation, releasing increasingly stern statements suggesting a potential military and economic retaliation.
Mohsen Rezaei, the Secretary of Iran’s Supreme National Security Council, hinted at the possibility of completely halting oil exports.
China Faces Pressure from Washington
Bessent has previously urged China to collaborate with the US, noting that historically, around half of China’s oil imports have come from the Persian Gulf region.
A spokesperson from the Chinese embassy in Washington responded that “sanctions and pressure do not help solve the problem,” while advocating for diplomacy.
Prior to the onset of American and Israeli attacks, Iran’s economy was already under significant strain from international sanctions. Tehran maintains a hardline stance, but Iranian officials warn that further sanctions could exacerbate social issues, reignite protests, and further undermine the legitimacy of the Islamic Republic.
Iran is battling high inflation, a weakening currency, energy shortages, sanctions, and severe structural problems. It now faces additional challenges from damaged infrastructure, trade disruptions, declining production, and enormous reconstruction costs.
