Iran has a 'two year plan' to counter sanctions, economic minister says

The US has announced an expansion of secondary sanctions on Iran in an effort to sever the country's economic lifelines. According to US Treasury Secretary Scott Bessent, the move aims to pressure Tehran into ending its attacks on ships in the Gulf. The sanctions are intended to cut off key companies and entities from the dollar-based financial system.

Iran's Economy Minister Ali Madanizadeh has stated that the country has a two-year plan to counter the new US sanctions. He expressed confidence that the US will suffer another defeat as a result of its actions, saying that Iran has been preparing for these plans and is ready to manage them. Madanizadeh made these comments on state television.

The US move is part of its efforts to isolate Tehran, but it is unclear how far the Trump administration is prepared to go in confronting China, Iran's biggest trading partner. China has signaled its resistance to US economic pressure to cut off links with Iran. The sanctions have been imposed as part of US efforts to pressure Iran to end its attacks on ships in the Gulf and in the Red Sea.

Brief written by urgent.news from Middle East Eye, Daily Maverick, CNA - Business, Channel News Asia, Guardian Business — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.