NEW YORK (AP) — As the conflict in Iran approaches the six-month mark, the Trump administration is promoting a significant financial campaign against Tehran, which has endured extensive American sanctions for nearly five decades. President Donald Trump announced plans to impose an unprecedented level of economic pressure on Iran, aiming to compel its leadership to comply with demands regarding its nuclear program and to ensure the reopening of the Strait of Hormuz for oil and natural gas transport.
The announcement comes as Trump faces challenges with the ongoing war and upcoming midterm elections. In response, Iranian Foreign Minister Abbas Araghchi remarked on social media that Iran is familiar with U.S. sanctions, stating, "We have seen this movie before. Same bull. Different bullies."
Treasury Secretary Scott Bessent indicated that secondary sanctions may be imposed on nations and companies doing business with Iran, although specific targets were not disclosed. He emphasized that the U.S. government would take action against those who continue to engage with Iran.
Experts are divided on the effectiveness of this renewed sanctions campaign. Richard Goldberg, a former official involved in sanctions strategy, expressed that the current situation could lead to significant changes in Iran's governance. However, he cautioned that the U.S. is navigating uncharted waters.
The United Arab Emirates has recently suspended trade with Iran, further isolating the country. Trump's strategy appears to focus on applying secondary sanctions to allies and partners that maintain ties with Iran, aiming to cut off any remaining revenue sources for the Iranian government. This approach mirrors the maximum-pressure campaign from Trump's first term, which included military actions.
Iranian officials have criticized Trump's sanctions strategy, arguing that it reflects a retreat from diplomatic efforts. A spokesman for Iran's Foreign Ministry stated that the U.S. reliance on sanctions has proven ineffective over the years, asserting that Iran will not be constrained by such measures.