US President Donald Trump has threatened to impose sweeping new economic penalties on Iran and countries that continue to provide financial, commercial or logistical support to Tehran.
Trump said the measures would amount to the toughest economic campaign ever imposed against a country, but did not specify the countries that could be targeted or outline the exact penalties.
The warning came after a 60-day ceasefire expired without a diplomatic agreement to end the conflict involving the US, Israel and Iran. Tehran criticised Trump’s threat, saying an escalation of economic pressure would deepen tensions rather than encourage negotiations.
Trump said countries whose banks, businesses, airports or government agencies provide assistance to Iran would face severe economic consequences. He specifically called for an end to oil smuggling, financial transfers, currency exchanges, ship registrations and the use of front companies to circumvent sanctions.
The administration has already intensified sanctions against Iran in an effort to restrict the flow of money that supports Tehran’s military operations. US authorities have also targeted foreign companies involved in purchasing and processing Iranian oil.
China, although not directly named by Trump, remains a key concern for Washington because Chinese companies are among the largest buyers of Iranian crude. The US has previously sanctioned privately owned oil refineries in China’s Shandong province over their dealings with Iranian oil.
China has rejected such sanctions, calling them contrary to international law and saying it would not recognise or enforce them.
The United Arab Emirates, meanwhile, announced that it would cut financial and economic links with Iran following a new missile threat. Iranian entities have historically used financial networks in Dubai, including exchange houses and shell companies, to move funds.
Iranian Foreign Minister Abbas Araghchi dismissed Trump’s latest warning as an attempt to divert attention from US economic difficulties. He said continuing with what he described as failed policies would increase hostility towards Iran.
The latest escalation comes as Washington faces pressure over the economic impact of the conflict, particularly rising energy costs. The Strait of Hormuz, through which a significant share of global oil and liquefied natural gas shipments normally passes, has also become a major point of tension.
US officials have indicated that further measures aimed at isolating Iran economically could be announced soon as Washington seeks to pressure Tehran back into negotiations.
