The US has said it will unveil new economic sanctions against Iran in “the greatest financial offensive ever marshalled,” as Iran has vowed to halt all oil exports from the Gulf. In an opinion piece published in the Financial Times, US Treasury Secretary Scott Bessent wrote that Iran will face an “economic D-Day,” as the US plans to roll out a series of new sanctions. The remarks follow an X post by President Donald Trump, in which he claimed that Iran will face “economic warfare” over its refusal to come to a deal with the US. Bessent is expected to hold a press conference to unveil the new measures, which he signalled will target “fearful nations” that maintain relationships with Iran’s economy. Iran’s economy is already facing an economic crisis following years of severe inflation and strict international sanctions, as well as recent US and Israeli attacks on key infrastructure. Iran has been bracing for the threatened economic sanctions for days, issuing a series of statements hinting at military and economic retaliation. Iran’s Secretary of the Supreme National Security Council, Mohsen Rezaei, wrote in an X post that if the economic war continues, “not a single drop of oil will be exported” from any of the Gulf countries. In the post, Rezaei added that Iran will regard any country’s participation in or support for “America’s economic war against the Iranian people” as an “act of war.”
