The US is expanding sanctions on Iran's financial networks. Iranian business owners worry about their economic future
The US is expanding sanctions on Iran's financial networks, targeting crypto, gold, aviation and shipping. DW spoke with analysts about what could change.
The United States has intensified its economic sanctions against Iran, targeting the country's international financial networks and five key economic sectors: digital assets, technology, gold, aviation, and shipping. Treasury Secretary Scott Bessent announced that any entity aiding Iran in illicit money movement will face removal from the US dollar-based financial system.
The measures affect around 60 individuals, entities, and vessels, but do not target major Chinese banks. Iran has long relied on informal networks, such as exchange houses, gold trade, and cryptocurrency, to bypass sanctions. The latest restrictions aim to increase costs for foreign intermediaries, exacerbating Iran's economic difficulties.
Rising food prices and dwindling oil exports have led to severe inflation and job losses in the country. Business owners in Iran struggle to maintain profitability and employment, with some even relocating to more stable markets like Dubai. Despite the US measures, political economist Alireza Salavati doubts that they will significantly alter Iran's strategic direction, predicting instead that the economic pressure could deepen polarization and reduce state subsidies and social assistance.
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