The new phase, he said, will be characterised by ‘escalating economic pressure’ and will mark an end to attempts to seize control of the Strait of Hormuz
The US on Monday announced new sanctions against Iran and countries that conduct economic activities with Iran, moving the war “into a new phase”, Dr Gargash said.
The new phase, Dr Anwar Gargash, diplomat and adviser to the UAE President, said, will be characterised by “escalating economic pressure”, and will mark an end to attempts to seize control of the Strait of Hormuz.
The diplomat also said that “Iran’s aggression against the Arab Gulf states missed its target”, saying that it was “a gravely misguided strategic choice that has increased [Tehran’s] isolation and weakened its position”.
He also urged Iran to reach out to Gulf states to help find an end to this war.
The UAE has repeatedly stressed the need for Iran to put a complete stop to attacks that threaten the peace and stability of the region and has asked the Islamic Republic to ensure its full commitment to an immediate end of all hostilities.
The nation, meanwhile, also said that it stands for the complete and unconditional reopening of the Strait of Hormuz to safeguard regional security and maintain global economic and trade stability.
A few hours after missiles were detected on August 18, the Ministry of Foreign Affairs also announced that the UAE would be suspending all trade and financial transactions with Iran.
Top official Afra Al Hameli also rejected “all allegations regarding the status of the economic relationship” between UAE and Iran, while adding that the UAE remains committed to “dialogue, cooperation, and regional integration as essential means to enhance peace, stability, and prosperity in the region”.
‘Economic D-day’
The US on Monday brought five new areas, digital assets, technology, gold, aviation, and shipping, under sanctions against Iran.
US Treasury Secretary Scott Bessent said that this was part of plans for the “economic asphyxiation” of Iran. Bessent also warned of dire consequences for countries that decline to join the pressure campaign.
“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent said.
Responding to the US announcement, Iran’s Economy Minister Ali Madanizadeh said that this would be “another defeat”. The official added that the Iranian government has been “waiting” for this for “a long time” and that they have a two-year plan to manage these events.
Earlier, Bessent wrote in the Financial Times that the US was launching “single greatest financial offensive marshalled against an adversary”, calling it an “economic D-Day”.
He, in the article, did not describe the measures Washington would take against Iran, but said that this comes after the US “dismantled Iran’s military capabilities, destroyed nearly 100 per cent of its military factories, and buried its nuclear programme.”
Source: Khaleejtimes
