Iranian economy

Sanctions targeted Iranian individuals and companies that facilitated the trade of petroleum and petrochemical products with Iran or supported military action against US forces.

"Any remaining tie to Tehran will hasten the economic ostracism of countries and entities, whether that tie be purposefully constructed or wilfully ignored."

The objective is not to destroy Iran. It is to bankrupt the regime that has stolen Iran's future, financed terror across the Middle East, and kept its own people in chains.

"In the past month or two, we sold seventy million barrels of oil," he said. "Now every day we sell oil to American ships on that side, as much as we produce."

Trade sources say Iranian crude offers to China have declined and prices have risen as Washington's blockade disrupts Tehran's oil shipments.

"I see lots of reports that said, 'oh, well, this has never worked.' It does work, because we have a combination. It is a one-two punch," Bessent said.

The US, ‌the UN, and the EU have applied sanctions, implemented trade embargoes, and frozen assets for decades over Iran's nuclear program and human rights violations.

Hemmati announced that Iran was set to join the BRICS Bank in the near future, Iran's semi-official Tasnim News Agency reported.

US Treasury Secretary Scott Bessent said last month that the administration’s economic policy had sent the Iranian currency into "free fall" and pushed inflation into triple-digit rates.

IRAN AFFAIRS: Iran’s campaign of executions is part of a wider attempt to reverse the defiance of January, dismantle protest networks, and reassert control over society.