US Steps Up Economic Pressure on Iran, Targets Oil Revenues and Banks
The US has announced new measures to put pressure on Iran's economy, targeting its oil revenues, banks, and trading partners. This marks a shift in focus from missile and air strikes to economic pressure, six months into the conflict that began on February 28.
US Treasury Secretary Scott Bessent aims to cut off financial channels supporting the Iranian economy. A US-led maritime blockade is restricting Iranian oil exports and Tehran's access to hard currency.
Iran expects Washington will not strictly enforce secondary sanctions against countries supporting its economy, primarily China and India. However, Former US diplomat Aaron David Miller believes the administration of President Donald Trump is seeking a way out but has not come closer to resolving the situation.