U.S. to Impose Strict Sanctions on Iran, Escalating Economic Conflict
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Treasury Secretary Scott Bessent announced Thursday that the U.S. would impose some of the “toughest sanctions in history” on Iran next week, doubling down on the Trump administration’s economic warfare strategy as diplomacy stalls.
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CNBCThe comments came after U.S. President Donald Trump said the U.S. will launch what he called the "most crushing economic operation ever taken against any country" against Iran. Trump also threatened severe financial penalties on any nation that helps Tehran evade sanctions, and added that "this will be Economic Warfare and Isolation on an unprecedented scale."
ZeroHedgeTehran has on Saturday further addressed the new Trump-Bessent plan of long-term economic 'strangulation' and isolation, which in the US Treasury Secretary's words seeks to "collapse" the Iranian government with the "toughest sanctions in history." This of course means that Washington will have to at the same time pressure other nations that do business with Tehran to immediately cease, which could prove a tall order - given already China and Russia are clearly not going to comply.
FortuneInstead, he has pivoted to sanctions and recently vowed an “economic D-Day” against Iran, teasing an unprecedented level of economic warfare and isolation.
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"The United States' declaration of new economic sanctions on Iran is far more than continued unlawful 'economic warfare' against a single country," Iranian Foreign Ministry spokesman Esmaeil Baqaei said in a post on X. "It is an assertion of extraterritorial sovereignty over every independent Member State of the United Nations."
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ZeroHedgeIran's foreign ministry spokesperson, Esmaeil Baghaei, said the new sanctions initiative amounts to a "declaration of war" on all countries and goes beyond "an illegal economic war against a single nation."
Washington Times BusinessThe Iranian Foreign Ministry declared on Thursday that the upcoming sanctions are a “crime against humanity” and amount to “economic terrorism.”
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Brent crude, the international benchmark for oil, stood at approximately $94 a barrel on Thursday, which is about where the price stood at the same time last month when fighting resumed between the U.S. and Iran.
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CNBCBrent crude futures added 61 cents to close at $94.39 per barrel. U.S. West Texas Intermediate futures rose 23 cents to $87.06. Oil prices finished the week more than 5% higher after Bessent's comments.
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Also on Friday, President Masoud Pezeshkian, who is responsible for Iran’s economy, similarly pushed back on hardliners’ criticism about the ceasefire deal with the U.S., saying it didn’t represent capitulation.
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CNBCIranian President Masoud Pezeshkian described his country's memorandum of understanding with the U.S. signed on June 17 as a victory for the Islamic Republic. Pezeshkian said "it is better to end the war today" when Iran is "in a position of power and dignity," according to the state news agency PressTV.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 ZeroHedge The statement was issued on the heels of Iran's military days ago giving a more direct warning and threat to America's regional Gulf allies. On Wednesday Ali Abdollahi, the chief of staff of the Iranian armed forces, announced that "any assistance or facilitation provided to the aggressor US military amounts to participation in the US military operation."
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02 Bloomberg US Push to Isolate Iran Runs Into China The Trump administration is preparing additional measures to isolate Iran’s economy, but further pressure could mean targeting China, the dominant buyer of Iranian oil. Joining Bloomberg This Weekend to discuss the situation with hosts David Gura and Christina Ruffini is Bloomberg News Senior Editor Wendy Benjaminson. (Source: Bloomberg)
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03 CNBC Iran maintained its harsh rhetoric Saturday against the U.S.' plans to impose tough new sanctions.
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04 Financial Times The Trump economy: $40tn debt, 6.7% mortgages and $5 diesel The president’s agenda is under strain as the Iran war pushes up prices and America’s finances worsen
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05 Fortune A split in Iran’s leadership has grown sharper recently, revealing increased impatience with the current stalemate as the economy continues to crash.
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06 Washington Times Business In an interview with CNBC, Mr. Bessent insisted that the incoming restrictions, which Treasury would announce on Monday, would cause the Islamic republic to “collapse.”
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07 RealClearMarkets The president said he’s prepared to impose “TREMENDOUS Economic Consequences” on countries that assist Iran. There is reason for skepticism, however. Read Full Article »
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