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Ahead of tough new U.S. sanctions, Iran maintains harsh rhetoric
CNBC • • nation
Key Points:
- Iran condemned the U.S. plan to impose new economic sanctions, calling it an unlawful assertion of extraterritorial sovereignty over independent nations, according to Iranian Foreign Ministry spokesman Esmaeil Baqaei.
- U.S. Treasury Secretary Scott Bessent announced plans for the "greatest coordinated economic isolation in the history of the world" against Iran, aiming to cripple its economy and reduce the need for military action.
- Vice President JD Vance emphasized that economic pressure is the most effective U.S. tool against Iran, while Iran's parliament speaker urged Muslim countries to develop strategies to counteract the sanctions.
- Despite heightened tensions, shipping through the Strait of Hormuz remains low, and oil prices showed modest gains amid hopes from Iran's president for a swift end to the conflict.
- Some analysts question the impact of additional sanctions, noting Iran is already heavily sanctioned and may rely on partners like China and Russia to withstand U.S. economic pressure.
