Iran is bracing for a new round of U.S. economic sanctions as the war continues, with Washington threatening measures aimed at severely weakening Iran’s economy, Al Jazeera reports. The new penalties could target banks, oil buyers, shipping companies, ports, and other businesses involved in trade with Iran.
Iran has developed ways to evade sanctions, including using a shadow tanker fleet, alternative payment systems, and trade through countries such as China, Russia, Turkey, and Iraq. However, these measures have not prevented major economic damage. The Iranian rial has fallen to a record low, while oil revenue losses, blackouts, and austerity are putting additional pressure on ordinary Iranians.
China remains Iran’s most important economic lifeline, particularly as a buyer of Iranian oil, but Chinese banks and companies with significant exposure to the U.S. may be reluctant to risk secondary sanctions. New U.S. sanctions could deepen Iran’s economic crisis without necessarily forcing Tehran to change its behavior, potentially increasing tensions and further straining the country’s economy.
