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متتبع أزمة إيران-الخليج 2026
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strikeApr 15, 2026

From dropping bombs to pressuring banks: US pivots to economic warfare on Iran

Summary

WASHINGTON (AP) — If the U.S. and Iran aren’t able to soon come to a deal to end the war or extend the ceasefire that expires next week, the Trump administration is setting the stage to shift its war campaign toward a more economic-focused effort aimed at choking Tehran into submission rather than relying on bombs alone. Treasury Secretary Scott Bessent told reporters at a White House briefing Wednesday that the U.S. plans to ramp up economic pain on Iran, and said the new moves will be the “financial equivalent” of a bombing campaign. The threat of secondary economic sanctions on countries doing business with people, firms, and ships under Iranian control — including allies like the United Arab Emirates and competitors like China — represents an escalation of sanctions that the U.S. is already employing. Bessent said the administration has “told companies, we have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure. And the Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic activities.” The Treasury Department warns China, Hong Kong, the UAE and Oman The warning comes the day after the Treasury Department sent a letter to financial institutions in China, Hong Kong, the UAE, and Oman, threatening to levy secondary sanctions for doing business with Iran, and accusing those countries of allowing Iranian illicit activities to flow through their financial institutions. It's part of an economic playbook that President Donald Trump still can use to pressure Iran to accept U.S. proposals to limit its nuclear ambitions, a person familiar with the administration's thinking told The Associated Press. The person spoke on the condition of anonymity because they were not authorized to discuss private discussions on the record. Privately, the argument being made to Trump is that the Iranians think they can weather the storm — but if they cannot pay their loyalists, that could pressure Iran to the table. And some in the administration believe there are still more economic targets that can be hit that would put the economic hurt on Iran, including bonyads, the charitable trusts that account for a significant percentage of the Iranian economy. Bessent told reporters that two Chinese banks have received warnings about handling Iranian money. Trump is preparing to visit Beijing next month for talks with Chinese President Xi Jinping. Bessent also said that Iran’s Gulf neighbors are now willing to look at freezing Iranian money in their banks because of Iran's aggression during the war. More sanctions could be ineffective or risk blowback, say experts and lawmakers Still, Massachusetts Sen. Elizabeth Warren, the top Democrat on the Banking Committee, argued that any new economic sanctions would be effectively offset by the financial windfall that Iran was seeing in the aftermath of the war. “Instead of circumstances where we can keep sanctions on Iran and constrict their economy, the blockade in the Strait of Hormuz — combined with the sharply rising price of oil — has helped Iran’s economy,” Warren said, adding, “What Secretary Bessent is trying to do is mop up the mess that Donald Trump has created by initiating this war.” Daniel Pickard, a sanctions attorney, said imposing secondary sanctions could result in “diplomatic and economic blowback” from allies that could hurt efforts to build coalitions against Tehran. “A lot of our trading partners have been outspoken in regard to their opposition to the conflict in Iran," Pickard said. “Most economic sanctions professionals would agree that when you get more people on the team, the chances of your economic sanctions being effective or greater." On Wednesday, the U.S. imposed sanctions on an oil smuggling network connected to the deceased senior Iranian security official Ali Shamkhani, who was a close adviser to the former Supreme Leader of Iran. Sanctions include dozens of individuals, companies, and vessels involved in secretly transporting and selling Iranian and Russian oil through front companies, many of which are in the UAE. “Treasury will continue to cut off Iran’s illicit smuggling and terror proxy networks," Bessent said in a statement. "Financial institutions should be on notice that Treasury will leverage all tools and authorities, including secondary sanctions, against those that continue to support Tehran’s terrorist activities. The administration believes the momentum has shifted Trump administration officials have also signaled growing confidence that the ceasefire and a blockade of shipments from Iranian ports in the Strait of Hormuz have shifted momentum in Trump’s favor. Iran has endured tens of billions of dollars in damage during the bombardment to the country's infrastructure — including setbacks to its oil industry, the heart of its fragile and long-isolated economy — that could take years to repair. Vice President JD Vance on Tuesday said Trump “doesn’t want to make, like, a small deal. He wants to make the grand bargain.” "That’s the trade that he’s offering,” Vance said. “If you guys commit to not having a nuclear weapon, we are going to make Iran thrive.” The president's deputy chief of staff, Stephen Miller, offered a more caustic assessment of the moment, suggesting that Trump had “played the checkmate move" on Iran by implementing the blockage in the strait. “If Iran chooses the path of a deal that's great for the world, that's great for everybody. If Iran chooses the path of economic strangulation by blockade, then the world will pass Iran by,” Miller said in a Fox News appearance Tuesday evening. "New energy routes will be established. New supply chains will be established. Other nations throughout the region — throughout the world, and especially America — will power the world and Iran will become a footnote.” Some Republicans are skeptical that more sanctions will work Some Republicans believe that any tactic to exert more pressure on Tehran is worth trying. “I would support anything,” said Sen. Thom Tillis, R-N.C. “If the administration came up with the ideas, I would support all of the above. More pressure, the better.” Others were skeptical, noting that Tehran was already facing a litany of economic penalties that had little impact on its behavior. “I’m not sure if it’s sanctions that’ll do it. I think we’re putting some pretty heavy sanctions on right now,” said Sen. Mike Rounds, R-S.D., a member of the Banking and Armed Services Committees. “I personally am just not optimistic that we actually can fix this thing without a regime change.” Trita Parsi, executive vice president of the Quincy Institute, a think tank that has been critical of Trump's decision to launch the war, says that Trump had been “politically cornered and strategically constrained" before he announced the ceasefire. But now, Parsi argues, Trump may have altered the difficult dynamic and created a situation where “Iran now appears to need an agreement more than the United States does.” “The window now open offers Tehran a chance to convert battlefield leverage into lasting strategic gain," Parsi wrote in a new analysis. "To let it close would mean forfeiting not just incremental progress, but the possibility of reshaping its economic and geopolitical position. By contrast, the United States, having already secured a tenuous exit ramp through the ceasefire, has less at stake in the short term.”

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Sources

  • FATIMA HUSSEIN, AAMER MADHANI, WILL WEISSERT and SEUNG MIN KIM, Associated PressBy FATIMA HUSSEIN, AAMER MADHANI, WILL WEISSERT and SEUNG MIN KIM, Associated Press

    WASHINGTON (AP) — If the U.S. and Iran aren’t able to soon come to a deal to end the war or extend the ceasefire that expires next week, the Trump administration is setting the stage to shift its war campaign toward a more economic-focused effort aimed at choking Tehran into subm

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The White House is now apparently using Russian tactics to convince the American public that the war in Iran is not, in fact, a war. When asked by reporters at the White House on Thursday whether the most intense sustained air campaign by American forces since the invasion of Iraq would be over by the midterms, Vice President JD Vance replied: “I wouldn’t call it a war.

” Vladimir Putin said much the same thing when he invaded Ukraine. Russia was not fighting a war either, the Kremlin insisted; it was merely conducting a “special military operation.” If that comparison strikes you as shocking, consider the contours of the two conflicts.

A vastly more powerful military launched a punishing offensive against a smaller, less well-equipped adversary, inflicted enormous damage without achieving a decisive resolution, and then found itself drawn into a longer, grinding conflict with no clear way out.

The motivations behind the wars may be different, and they’re playing out in different theaters, but the pattern is eerily similar. Now, so too is the attempt by those in power to control how the public understands, and even what it is allowed to call, the obvious war unfolding in front of them.

If This Isn’t a War, What Is? Let us take a moment to assess what exactly has happened since February 28, when the U.S. launched Operation Epic Fury. The opening U.S.-Israeli attack killed Iran’s supreme leader, Ali Khamenei, along with the commander of the Revolutionary Guard, the defense minister and various other senior officials.

According to the U.S. military’s own accounting, the first 38 days of major combat operations involved more than 10,200 sorties and 13,500 strikes. U.S. Central Command (CENTCOM) says those attacks damaged or destroyed more than 85 percent of Iran’s ballistic missile, drone and naval defense industrial base, while knocking out 82 percent of its air-defense missile systems.

The U.S. sent carrier strike groups and warships into the region, later imposing a military blockade on Iranian ports. Meanwhile, American and allied air defenses intercepted more than 6,000 Iranian attack drones and 1,500 ballistic missiles fired at U.

S. forces, Israel and American partners across the Middle East. More than 50,000 U.S. service members remain deployed across the region. The fighting has killed 18 U.S. service members and at least 8,000 people across Iran, Lebanon, Israel and the Gulf states.

More than 750 U.S. service members have been wounded. Last month, during a lull in the fighting, the U.S. Treasury unveiled a sanctions package likened to an “economic D-day” that is designed to make Iran an “economic outcast” and cut the adversary off from all available forms of economic support.

In the announcement, Treasury Secretary Scott Bessent openly declared that Iran had been “at war against America” for 47 years. This week, the shooting resumed; the U.S. hit targets in and around the Strait of Hormuz, and Iran blasted missiles at targets in Kuwait, Bahrain, Jordan and Iraq.

All this from an administration that almost exactly a year ago launched a rapid rebrand of the Defense Department into the “Department of War”. No boots on the ground, though, so it’s not a war, right? Tell It Kind of Like It Is Even the very best snake-oil salesman would have a hard time convincing people that the war in Iran isn’t a war.

So why is JD Vance even trying? Well, if there’s one thing politicians understand better than anyone, it’s the importance of language and rhetoric. Words have immense power; a well-written speech can unite millions of people, and a catchy slogan like Make America Great Again can come to represent an entire political philosophy.

But war is a pesky word. For one, it implies there will eventually be a winner and a loser. It also brings with it certain expectations—and some very difficult questions. What is the objective? How many people will die? When will it end? And, perhaps most dangerously of all: was it worth it?

Those are not questions the White House wants Americans to be asking. Trump built a substantial part of his political identity around ending, rather than beginning, America’s “endless wars.” When Washington and Tehran signed a memorandum of understanding in June, the White House presented it as proof that Trump’s America First approach could deliver peace without another prolonged Middle Eastern conflict.

Then the hostilities started again. Earlier this week, Trump shared a Truth Social graphic declaring that “Hormuz Oil Volumes are BACK!”, saying 18 million barrels a day were once again leaving the Strait, compared with 20 million before the war. No independent commodity tracking company or energy analyst appeared to verify Trump’s claims.

But most Americans won’t be checking tanker-tracking dashboards. What they’ll care about is the cold, hard fact that diesel hit a new record price this morning, soaring to an average of $5.85 a gallon for the first time ever. Gasoline is $4.15 a gallon on average, compared with $3.

20 at this time last year, according to AAA. The numbers on the sign at the gas station and the price on the grocery receipt aren’t affected by Trump’s tall tales, but they’ll surely affect how Americans vote at the midterms. When viewed in this light, Vance’s attempt to discourage reporters from “call[ing] it a war” begins to make sense.

A war is something that we want to end. It tends to result in a winner and a loser. And its worth is up for debate at all times. A different kind of engagement that doesn’t quite meet the threshold of war—say, a special military operation—is not exposed to the same kind of scrutiny.

Vance effectively made that case himself. “When you ask, ‘When will this end?’ You’re asking me a question like, ‘When will the Iranians stop shooting at ships?’” he said. By that logic, there is no American war—only recurring Iranian provocations that require American military responses.

That’s exactly the logic applied by Putin to Ukraine and supposed expansion of NATO. Putting the Toothpaste Back in the Tube U.S. lawmakers have repeatedly invoked the War Powers Resolution to challenge Trump’s authority to keep fighting Iran without specific congressional authorization.

The law generally gives a president 60 days after U.S. forces enter “hostilities” to secure congressional approval or bring those hostilities to an end. That makes the pauses in fighting hugely important. When the original 60-day deadline arrived in May, Trump told Congress that the temporary ceasefire reached in April meant the hostilities that began on February 28 had ended.

Defense Secretary Pete Hegseth argued that the War Powers clock could “pause, or stop” when the shooting did. That position is disputed by legal experts, but its political utility is obvious. If every new outbreak of fighting can be treated as a separate skirmish, rather than part of one continuous war, the administration can argue that a fresh 60-day clock starts each time.

Vance’s insistence that there is no continuing “war” fits neatly for an administration that has already tried to divide six months of conflict into separate periods of hostilities, interrupted by ceasefires and pauses. This brings us back to Moscow.

The Kremlin’s own linguistic trick was also about making one sprawling war sound smaller, more limited and more manageable than it really was. From the very beginning of the invasion, Putin described the war as a special military operation. Only after two years of grinding warfare did Kremlin spokesman Dmitry Peskov openly declare Russia to be in a “state of war”—and even then, he said the transformation had occurred because the “collective West” had joined the fight against Russia.

Vance is playing a similar game, but in reverse. Only now—with soaring fuel prices, mounting casualties, concerns over the military’s munitions stockpiles, and midterm elections on the horizon—is the conflict no longer a war. You can’t put the genie back in the bottle, though, and the American people aren’t stupid.

Vance and the White House may discover in November that voters are perfectly capable of recognizing a war, even when the vice president doesn’t want to call it one.

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