With the US treasury department unveiling new sanctions aimed at isolating Iran’s economy, four Indian firms were among those targeted.
This came a day after US treasury secretary Scott Bessent announced ‘Operation Economic Outcast’, which involves new sanctions that aim to block all potential sources of revenue for Iran. Bessent said the campaign aimed at severing Iran’s financial lifelines, and broadens the risk of secondary sanctions for entities which continue to do business with Iran, PTI news agency reported. The above firms were put on the list for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran. Meanwhile, top Iranian officials have admitted that the country faces a serious risk of economic collapse, with President Masoud Pezeshkian acknowledging the shortages facing the country.
He said that Iran should end the war now while it still has a position of strength, according to an Al Jazeera report.
