Iran’s economy minister Ali Madanizadeh said on Monday that Tehran is ‘fully prepared’ for the latest U.S. sanctions, warning Washington to expect a retaliatory response. Speaking to Reuters, Madanizadeh described the measures as an ‘economic terrorist attack’ but noted that Iran’s ‘defense is no longer so defensive.’
The U.S. Treasury announced ‘Operation Economic Outcast’ on Monday, targeting Iran’s trade partners with an unspecified wind-down period. The sanctions list includes 60 individuals, entities, and tankers, with oil trade remaining a primary focus. Notably, major Chinese financial institutions facilitating Iran’s oil exports were not included in the measures, according to analysts cited by Reuters. The omission is seen as an effort to avoid provoking Chinese retaliation.
Madanizadeh also stated that Russia and China had rejected the latest U.S. sanctions and expected other trade partners to follow suit. Iran had previously threatened military action in response to the sanctions even before their formal announcement.
The measures come amid heightened tensions in the Strait of Hormuz and a U.S. naval blockade of Iran, which has significantly reduced the country’s crude oil exports. Shipments in September are estimated at 534,000 barrels per day, down from 823,000 barrels per day in July, according to available data. China remains the largest buyer of Iranian crude, accounting for over 80% of the country’s exports.
Global energy commodities have reacted to the developments, with prices easing at the start of the week despite remaining well above pre-war levels.
