Iran says it is ‘fully prepared’ to counter widened US economic sanctions

Iran claims it is fully prepared to withstand the intensified US economic sanctions announced recently, asserting it will lead to another defeat for Washington. The US Treasury Secretary, Scott Bessent, stated that any nation doing business with Iran would face isolation, alongside banks and businesses that ignore the sanctions.

The sanctions, described by Bessent as the "single greatest financial offensive ever" against Iran, aim to tighten the financial noose and block potential revenue sources. Although some economists doubt the sanctions' effectiveness, as it depends on Iran's trading partners' reactions, Iran remains confident in its ability to continue trading with other nations.

China, the largest buyer of Iranian oil, has ignored previous US sanctions and continues to conduct business with Tehran. Iran's economy minister, Ali Madanizadeh, stated that neither China nor Russia has accepted the US measures and that other countries would resist them. Iran also warned of shutting down oil exports from the region if the conflict persists, as one-fifth of the world's oil and gas usually pass through the Strait of Hormuz.

The US Treasury has mapped networks and financial channels used by Iran to evade sanctions, targeting five sectors, including digital assets, technology, gold, aviation, and shipping.