US vows continued economic pressure on Iran at G20 summit

Speaking on Monday before a G20 meeting in Asheville, North Carolina, US Treasury Secretary Scott Bessent vowed to persist with economic pressure on Iran. He told reporters that a turning point in the US pressure campaign could come “within weeks or months.”

President Donald Trump’s administration is working to rally G20 partners to ramp up economic pressure on Tehran. In response, the European Union urged for “continued diplomatic efforts” but also welcomed measures aimed at ensuring Iran ceases its “destabilizing activities.” French Finance Minister Roland Lescure confirmed that officials would discuss the US plans for enhanced sanctions.

The United States has imposed a new round of sanctions on Iran, further escalating economic pressure on Tehran. The specific details of the new penalties were not immediately available.

US Treasury Secretary Scott Bessent has stated that Washington is considering all options, including sanctions against China, to economically isolate Iran. In a media talk, Bessent said the issue of China's trade with Iran will be raised with Chinese officials at the upcoming G20 meeting. He noted that China is Iran's largest trading partner and a key buyer of its oil. The Treasury Secretary also reiterated that the US could impose sanctions on another Iranian bank this week and is prepared to use its full financial power against Iran if needed.

The United States plans to unveil new secondary sanctions against Iran on a weekly basis, US Treasury Secretary Scott Bessent said on Sunday. The move signals a significant escalation of economic pressure on Tehran.

In an interview, Bessent stated the initial focus would be on banks. The announcement follows recent penalties imposed on Friday against the UAE branches of Egypt’s Banque Misr for alleged financial links to Iran.

Bessent added that the next step could involve cutting an institution entirely from the dollar-based financial system. He also said he intends to warn G20 finance leaders to sever economic ties with Iran or face similar secondary sanctions.

Iranian President Masoud Pezeshkian has declared that the Iranian nation cannot be forced to surrender. The statement comes amid severe economic pressure on the country, which the president has previously attributed to US sanctions.

Iranian President Masoud Pezeshkian has admitted that US sanctions are putting significant pressure on the country's economy, stating that import and export activity has declined by 25% to 35% in recent months. He attributed the downturn to what he described as a US naval blockade affecting Iranian ports.

In a state television interview, Pezeshkian dismissed claims that the sanctions have no effect, saying Iran is operating under "conditions comparable to wartime." He also proposed increasing the price of fuel under the third-tier quota from 5,000 to 10,000 tomans to adapt to the economic situation.

His remarks followed an announcement by US Treasury Secretary Scott Bessent of measures aimed at intensifying economic pressure on Iran, a strategy he termed the "economic asphyxiation" of the country.

Iran's Supreme Leader has acknowledged the impact of the ongoing conflict and economic sanctions, according to the latest available reports. The admission comes amid a protracted economic and political standoff with the United States.

Tensions between the United States and Iran have escalated further, with both sides making significant claims that have been publicly contested. According to available reports, the US has made a major claim which Tehran has subsequently rejected. In a parallel development, Iran’s Islamic Revolutionary Guard Corps (IRGC) has also issued a major claim of its own. The details of these specific claims have not yet been fully clarified.

China has called for negotiations as the only solution to the ongoing tensions between the United States and Iran, according to reports on August 29.

Beijing's statement comes as the economic and political standoff between Washington and Tehran has continued for over six months.

As the economic and political standoff between the United States and Iran marks its sixth month, China has reportedly issued a warning to Washington over the situation. Despite sustained US pressure and sanctions, analyses, including from international media, have noted that the Iranian government remains in power.

The United States has intensified its economic pressure on Iran, imposing new sanctions aimed at further isolating Tehran financially. The move comes as Iranian leaders acknowledge the severe economic toll of the conflict and existing sanctions, with the country's president stating that foreign trade has shrunk by a third.

In its latest action, the US Treasury Department sanctioned Egypt's Banque Misr for conducting business with Iran. The measures propose to cut off the bank's branches in the United Arab Emirates from transacting in US dollars. Egypt's central bank confirmed it was in contact with US officials regarding the decision. In a statement, Banque Misr said it was reviewing the notice.

Additionally, the US imposed sanctions on a Hong Kong-based entity and an individual linked to Iran's Bank Melli.

Despite the mounting pressure, which a US official termed an "economic D-Day," Tehran has signalled it will not retreat. An Iranian government statement reiterated its focus on curbing inflation, boosting domestic production, and reducing its dependence on the US dollar.