Iran warns of consequences as US prepares fresh sanctions
Iran warns of consequences for US sanctions escalation, as the rial hits a record low ahead of the announcement.
Tehran has issued a stark warning to Washington, stating that any escalation of US sanctions will bring consequences. The remarks from Foreign Ministry spokesman Esmail Baghaei come just ahead of an expected announcement of expanded measures against Iran.
"Our hands are not tied," Baghaei told reporters on Monday, adding that any escalation "will undoubtedly bring about consequences of its own." He also cautioned other nations against cooperating with the United States, describing such complicity as a violation of international law.
The warning follows nearly six months of conflict, during which Iran has maintained its grip on shipping through the Strait of Hormuz. The waterway, which carried a fifth of the world's traded oil before the war, has seen traffic severely hampered by Iranian attacks and threats.
Iran has laid out its conditions for reopening the strait, including the lifting of the US naval blockade, the withdrawal of US forces from the region, and reparations for war damages. Tehran has also held separate talks with Oman on jointly managing the waterway, independent of any potential deal with Washington.
Ahead of the sanctions announcement, Iran's currency hit a record low on Monday. The rial dropped to 2.02 million against the US dollar on informal markets, the rate most Iranians use. The official central bank rate stood at around 1.5 million to the dollar. The currency had already been under pressure from double-digit inflation and negative growth before the war began on February 28, but has continued to slide as the conflict takes its toll.
Despite the economic strain, US President Donald Trump has been unable to win concessions from Tehran. Baghaei dismissed the effectiveness of sanctions, saying that "trying out methods that have already proven to be failures will certainly not bring about a different outcome." He added that such measures only demonstrate Washington's hostility toward ordinary Iranian citizens, who bear the brunt of the economic impact.