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Ban on trade with Iran could destabilize global economy — NYT

According to experts, the policy of sanctions against Iran is unlikely to succeed without cooperation from China and India, Tehran’s key trading partners

NEW YORK, August 26. /TASS/. Imposing a complete ban on trade with Iran could destabilize the global economy, The New York Times (NYT) reported.

Enforcing sanctions entails numerous problems, and in case of Iran, it risks confrontation with "allies and powerful rivals capable of retaliation, most notably China," according to the publication. A complete ban on trade would create even more difficulties, the report said. According to experts, the policy of sanctions against Iran is unlikely to succeed without cooperation from China and India, Tehran’s key trading partners. "I don’t think that’s going to happen," Alan Eyre, a former US diplomat and Iran expert, told the newspaper.

US Treasury Secretary Scott Bessent announced on August 24 that Washington planned to sharply tighten its unilateral sanctions regime against Iran, aiming to completely block Tehran’s revenue sources. The US would be prepared to impose secondary sanctions on any countries refusing to comply with new restrictive measures against Iran, Bessent said. He also threatened such nations with a loss of access to the dollar.

On Monday, the US administration added 48 legal entities, 24 individuals, and six oil tankers to its sanctions list against Iran. Citizens and companies from Azerbaijan, Greece, India, Iran, China, Malaysia, the Marshall Islands, the UAE, Singapore, Turkey, Ukraine, France, and Switzerland were blacklisted.

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