Iran vows to fight back against latest US sanctions

Iran has vowed to respond to the latest American sanctions, warning Washington that its reaction would not be simply defensive. The country's Economy and Finance Minister, Ali Madanizadeh, revealed that his government had been preparing for this moment with a two-year plan to withstand the new pressures. However, he also admitted that the Iranian people were already suffering from high inflation, currency issues, and shortages.

On Monday, US Treasury Secretary, Scott Bessent, unveiled what he called an "economic D-Day" for Iran, aiming to economically isolate the country after six months of war. The Treasury sanctioned around 60 individuals, companies, and vessels related to Iran's oil revenues, sanctions-evasion networks, and weapons programs. They also expanded the threat of secondary sanctions into shipping, aviation, technology, gold, and digital assets.

Bessent warned countries around the world to choose between trade with Tehran or losing access to the American financial system.

Iran's Finance Minister, Ali Madanizadeh, responded to the sanctions, acknowledging their impact on the already struggling population but arguing that the new measures would be ineffective. He stated that Iran would be prepared to engage in an offensive response, emphasizing that the era of a unipolar world was over.

China, Iran's largest oil purchaser, disagreed with the US sanctions, stating that they would not resolve disputes and would only worsen tensions. China urged all parties to act rationally and return to political settlement through dialogue and negotiations. The US move was seen as unilateral, rather than multilateral, prompting a call for diplomacy through talks, led by Qatar and Pakistan.

The Strait of Hormuz, a vital waterway, remains central to the conflict, with shipping currently disrupted, raising questions about the effectiveness of economic pressure and the potential for military escalation.