The United States announced on August 24 a sweeping new sanctions package against Iran called « Operation Economic Outcast, » targeting five sectors: digital assets, technology, gold, aviation, and shipping. The measures designate approximately 60 individuals, entities, and vessels, while warning foreign companies that continue doing business with Iran of potential secondary sanctions. Iran immediately responded by framing any cooperation with the measures as an « act of war » and hinting at the possibility of halting oil shipments through the Strait of Hormuz, through which roughly a fifth of the world’s oil supply passes. China and Russia expressed dissent, while the United Arab Emirates broke off trade relations with Iran shortly before the sanctions announcement.
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