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Iran outlines a two-year plan to counter widened US sanctions

The US said its sanctions would isolate any country financially partnering with Iran, while Tehran warned ships against entering the Strait of Hormuz without permission, after a blockade there has helped push global oil prices higher.

Reported · Written up by our desk · Trade & Tariffs

The United States has announced an expanded sanctions push against Iran, framing it as an “economic D-Day” and threatening to cut all economic ties with Tehran, while warning that nations financially partnering with Iran would face isolation, according to BBC Business. Iran’s economy minister Ali Madanizadeh said the country is “fully prepared” and will follow a two-year plan to manage the measures, adding that Iran has tools to respond and that Washington would be at a disadvantage. Speaking on state television, he also said Iran had been expecting such plans for some time and predicted other countries would resist the US steps, BBC Business reported. BBC Business also notes that the Chinese Foreign Ministry said pressure tactics and sanctions do not help and that Beijing would act to protect its interests. Separately, Reuters reported that Iran issued a fresh warning to shipping not to pass through the Strait of Hormuz without permission, a waterway that typically carries about one fifth of the world’s oil and gas, and whose flow has been effectively blocked since late February when the conflict began. In describing its campaign, US Treasury Secretary Scott Bessent called it “Operation Economic Outcast” and said the Treasury has mapped networks and financial channels used to evade sanctions. BBC Business reports that the Treasury issued determinations against five sectors, including digital assets, technology, gold, aviation and shipping, and imposed sanctions on nearly 60 entities, individuals and vessels.

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