US Plans New Sanctions on Iran Amid Trade Relations Concerns
The United States is set to enhance economic sanctions on Iran as tensions escalate. US Treasury Secretary Scott Bessent warned that entities aiding 'money laundering' for Iran will be excluded from the US dollar system. Key trading partners of Iran, including China, Turkey, the UAE, Iraq, the European Union, India, Pakistan, and Russia, may face repercussions. In 2025, Iran's trade with China was approximately $10 billion, while its trade with the UAE reached $28 billion in 2024. However, the UAE recently suspended trade with Iran following missile allegations. India's trade with Iran has significantly decreased from $17 billion in 2018-19 to about $1.6 billion in 2025-26. The US aims to isolate Iran economically amid ongoing conflicts and nuclear concerns.
Published 3 days ago • 26 Aug 2026, 03:41 PM IST