US targets Iran's top trade partners in new sanctions push

The United States has unveiled a new sanctions package, "Operation Economic Outcast," targeting nearly 60 entities to isolate Iran from the global economy, with Treasury Secretary Scott Bessent stating the goal is to sever all economic lifelines until Tehran stands alone. Iran's top export partners in 2024 were China ($14.58bn), Iraq ($11.7bn), UAE ($7.16bn), Turkiye ($6.1bn), and Afghanistan ($2.3bn), while its top import partners included China and the UAE, with total exports reaching $56bn and imports $68.5bn. Much of Iran's oil trade with China operates through shadow-fleet vessels and discounted sales, largely unrecorded in customs data, while the UAE has imposed an indefinite trade embargo after accusing Iran of missile attacks, which Tehran denies.