Iran dismisses US threat of ‘economic D-day’

Tehran has rebuffed Washington's recent declaration of an intense economic pressure campaign, contending that such sanctions have not succeeded in altering Iran's military or nuclear advancements. Deputy Foreign Minister Kazem Gharibabadi expressed skepticism in a post on X, questioning the necessity of a massive financial invasion and mobilization of US institutions and powers. He posed the question of whether this represents a triumph or an admission of American defeat.

On the other hand, US Treasury Secretary Scott Bessent, in an op-ed for the Financial Times, characterized the new sanctions as "the single greatest financial offensive marshalled against an adversary" – likening it to an "economic D-Day." He reiterated that the US had dismantled Iran's military capabilities, destroyed approximately 100% of its military factories, and "buried" its nuclear program. Bessent is set to detail these new sanctions on Monday.

Meanwhile, Iran's Foreign Ministry cautioned against countries joining the US economic campaign, with spokesman Esmaeil Baqaei warning that participation would "certainly have its own consequences." In February, the US and Israel launched a series of strikes against Iran, prompting Iranian counterattacks across the region. A ceasefire reached on April 8, but the Strait of Hormuz remained a critical flashpoint in the ongoing conflict.

Iran has managed control over the Strait of Hormuz since the war began, a strategic waterway vital for global oil and gas supplies. Tehran insists on keeping the strait closed until the US lifts its naval blockade on Iranian ports, removes oil sanctions, and unfreezes Iranian assets abroad.

Last week, US President Donald Trump announced a more aggressive economic pressure campaign against Iran than ever seen before. The US has also called on other governments, including China, to join efforts to further isolate Iran's economy. Tehran's Foreign Minister Abbas Araghchi highlighted the deepening, comprehensive, and structural nature of Iran's relations with China in an April article in Iran's Ettela at newspaper.

Iran has been under US and international sanctions since the 1979 Islamic Revolution, and Trump has repeatedly pursued a "maximum pressure" policy of economic sanctions against Iran, reinstating this approach upon his return to office in January 2025 following a similar campaign during his first term.