Washington Launches Overwhelming Economic Offensive
Washington – Agencies: US Treasury Secretary Scott Bessent announced in an article in the Financial Times that the largest financial offensive in history will begin against Tehran, noting that any country continuing to cooperate with the Islamic Republic will become a global pariah. Bessent also stated on the X platform that the United States has succeeded in dismantling Iran’s military capabilities, destroying nearly 100% of its military factories, and burying its nuclear program. He added that the financial isolation the US intends to impose on Iran may allow Washington to avoid resorting to military force, arguing that President Donald Trump’s administration has inflicted unprecedented damage on the Iranian economy and that the US goal is to cut off every economic lifeline of Iran.
Iranian Deputy Foreign Minister Kazem Gharibabadi responded on X, saying, “Your narrative does not hold water,” as it claims that Iran’s military power has been dismantled, 100% of its military factories have been destroyed, and its nuclear program has been buried. Tehran warned countries yesterday against cooperating with US efforts, with Foreign Ministry spokesperson Ismail Baghaei stating that participation would certainly have consequences, according to his claims. Bessent is scheduled to present details of the US campaign, which President Trump has described as an “economic landing,” at a press conference.
The US naval blockade on Iran has led to a drop in its oil exports through the Strait of Hormuz from two million barrels per day before the war to just 400,000 barrels by mid-August, according to data from Kpler, a firm specializing in maritime traffic tracking. Iran has been under crippling sanctions for decades, with a brief easing period under the nuclear deal signed with major powers in 2015, which Trump withdrew the US from in 2018 as part of a maximum pressure campaign. Washington has expanded the scope of sanctions since the start of the war, and despite the sanctions, Iran continued to export millions of barrels of oil before the war, particularly to China, circumventing sanctions through complex international financial networks. Both Bessent and Trump have warned countries against assisting Iran.
Meanwhile, mediators continue diplomatic efforts to reach an agreement ending the conflict. Pakistani Army Chief General Asim Munir visited Iran yesterday, with his country playing a key mediation role between the warring parties. Omani Foreign Minister Badr Al Busaidi is also expected to arrive in Iran today, as Muscat and Tehran seek to reach an agreement on regulating traffic through the Strait of Hormuz.
Three sources in Pakistan said the army chief spoke to the US president a few days before his visit to Tehran, with one source stating that the main US request is to leverage Pakistan’s influence to bring Tehran back to the negotiating table. Two Pakistani sources said the contact, which took place last week and was not previously disclosed, was initiated by Trump. One source said Munir is expected to meet with individuals close to Iranian Supreme Leader Mojtaba Khamenei.
On another note, Baghaei said Al Busaidi will meet with Iranian Foreign Minister Abbas Araghchi during his visit and consult with him on bilateral and regional issues. He clarified that this visit comes within the framework of strengthening bilateral cooperation between Iran and Oman, as well as continuing ongoing political consultations between the two sides, as countries bordering the Strait of Hormuz, to help enhance peace and security in the region. Baghaei noted that the Omani foreign minister’s visit is unrelated to the Pakistani army chief’s visit.
