Donald Trump has warned of an unprecedented economic campaign against Iran, making clear that Washington’s measures could also affect countries, banks and companies that continue to maintain financial and trade relations with the Islamic Republic.
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The US president has described the new phase as an “economic D-Day.” According to him, the objective is not only to weaken Iran’s economy, but also to target entities and states that help finance or trade with the Tehran regime.
Reuters reports that the strategy is being announced at a time when tensions in the Middle East remain high and sanctions, energy and security in the Persian Gulf continue to be key issues.
China, Turkey and Iraq are among the countries most directly in the focus of US pressure because of their significant economic and energy ties with Iran.
Beijing poses the biggest obstacle to Washington’s new plan. China is the main buyer of Iranian oil and receives a considerable share of Tehran’s exports.
Data published by Reuters show that China imported around 1.38 million barrels of oil per day from Iran during 2025. These supplies are carried out through complex trade and financial networks, making the enforcement of US sanctions more difficult.
The Trump administration has warned of measures against Chinese companies and banks that facilitate transactions with Iran. A direct confrontation with Beijing could, however, create another source of tension between the two major economic powers.
The United Arab Emirates have served for years as one of Iran’s main economic channels. According to data from the World Trade Organization, in 2024 they accounted for around 30% of Iran’s imports, worth approximately $21 billion.
During 2024, non-oil trade between Iran and the UAE reached around $6.6 billion, with re-exports accounting for the largest share.
Relations between the two countries have been affected by the recent escalation. The UAE has suspended financial and economic transactions with Iran, citing rising military tensions and the risk of missile attacks.
Turkey remains an important economic partner of Tehran. Trade between the two countries amounts to around $5 billion to $6 billion annually, while energy occupies an important place in this cooperation.
Ankara has sought for years to maintain relations with Iran, balancing its own interests against pressure from the United States and US sanctions.
Trump’s new approach is expected to increase pressure on Turkey to close any economic space that could allow Iran to circumvent sanctions.
Iraq, too, faces a complicated situation. Although it has close security ties with the United States, Baghdad is highly dependent on Iran economically.
Iraq imports large quantities of natural gas from Tehran for its energy needs, while the annual value of transactions linked to this trade reaches around $4 billion to $5 billion.
Stronger US sanctions could have serious consequences for Iraq’s energy system, which relies heavily on Iranian gas.
Oman has maintained good relations with Iran for decades and has often played the role of mediator between Tehran and other countries, including the United States.
Trade between Oman and Iran was valued at around $1.5 billion during 2025. In the first four months of 2026, it reached $345 million.
Pakistan could also face consequences if Washington expands measures against states that trade with Iran. The two countries have declared their intention to raise bilateral trade to $10 billion, while unofficial exchanges between them are estimated at around $4 billion.
Oil, wheat, rice, livestock and medicines have been transported for years through unofficial channels between Pakistan and Iran.
Trade relations between India and Iran have contracted significantly since 2020, when Washington tightened sanctions against Tehran.
Bilateral trade fell from around $17 billion to $4.8 billion during the 2019–2020 fiscal year. In the 2025–2026 fiscal year, it declined further to around $1.63 billion.
India’s exports account for the main share of this trade and consist primarily of grains, tea, coffee and spices. Indian officials say these products are humanitarian in nature and should be exempt from sanctions.
Armenia and Azerbaijan are also among the countries that have maintained trade relations with Iran.
Iran accounted for around 3.6% of Armenia’s total trade in 2025, worth $768 million. During the first half of 2026, trade between the two countries reached $371.4 million.
Armenia uses Iranian natural gas to generate electricity. Part of this electricity is returned to Iran under the “gas for electricity” swap agreement.
Meanwhile, in the first six months of 2026, Azerbaijan’s trade with Iran increased by 4.5%, reaching $312.6 million.
The Trump administration aims to shift pressure on Iran increasingly from the military sphere to the economic one, with the goal of limiting Tehran’s revenues and its oil exports.
US Treasury Secretary Scott Bessent has said that Washington is imposing the “toughest sanctions in history” on Iran and has called on allies and partners to support the US campaign.
The main question for the Trump administration is whether the new pressure will significantly weaken Iran’s economy or trigger a new geopolitical confrontation, particularly with China, Turkey and Iraq, which have important economic and energy interests in relation to Tehran.
