The fresh round of sanctions by the United States against Iran, aimed at cutting off its funding and pushing it into isolation, will ultimately burden people across the globe and backfire on ordinary consumers, an Iranian energy expert warned on Tuesday.
U.S. Treasury Secretary Scott Bessent on Monday threatened Iran with "an economic D-Day," announcing a wave of new sanctions aimed at further isolating the country.
Bessent said at a press conference that the United States was launching an economic onslaught against Iran's financial connections around the globe, and that the objective was to sever every economic lifeline sustaining the country.
Meanwhile, the U.S. Treasury Department said in a press release that the new sectoral sanctions determinations target five critical sectors -- digital assets, technology, gold, aviation and shipping -- that the United States says Iran has relied on to prop up its economy.
In response to the U.S. sanctions targeting the energy sector, Mohammad Ali Karimian, an Iranian energy expert, noted that Iran ranks among the world's top countries in oil and gas reserves, and is therefore able to ensure a stable domestic energy supply.
However, if the United States uses sanctions to cut Iran off from the global energy market, the result could backfire -- affecting many countries, including those in Europe, the Iranian energy expert said.
"Once Iran's oil and gas are out of the global market, other countries will be forced to find alternative suppliers. If they can't, prices will go up, and the burden will fall on consumers around the world. If Iran does not allow oil or liquefied petroleum gas to pass through the Strait of Hormuz, gas, oil, and fuel prices will also rise in Europe and other regions," he said.
Noting that Iran has endured U.S. sanctions for more than 40 years, though war and economic pressure have hurt ordinary Iranians, they have not broken the country. Instead, they have actually made its economy more resilient, said Karimian.
Karimian said Tehran has shown time and again that it is open to dialog and diplomacy, blaming Washington for the current Middle East turmoil by citing its war and unilateral sanctions against Iran.
What the United States needs to do now is to sit down with Iran for proper, professional negotiations, he argued.
"Of course, the economy has been struggling, and Iranians have faced real hardships. But the country remains a top producer of oil and gas. Despite damage to some petrochemical facilities during the war, we are capable of restoring production. Tehran has shown a willingness to talk recently. In my view, the United States should drop its unreasonable conditions and sit down for real negotiations," he said.
US new sanctions against Iran to backfire on global economy: expert
