Iran’s supreme leader admits economic hardships as US sanctions campaign takes toll
Tehran has vowed to resist new U.S. sanctions, as prospects for diplomacy to reopen the Strait of Hormuz remain uncertain. At least 70 attacks on international shipping have been recorded in the Persian Gulf since the Iran war began six months ago.
Iran suffering from ‘economic and livelihood challenges’ as US economic campaign mounts
Iran’s Supreme Leader Mojtaba Khamenei said "there is the need to seriously address the chain of economic and livelihood challenges, such as inflation, unemployment, management of prices and the market for goods and services," according to Reuters, as the U.S. economic campaign against Tehran is mounting.
The Treasury Department launched Operation Economic Outcast against Iran on Monday, and on Friday, revealed it is taking action against a United Arab Emirates bank in a bid to “cut off a key financial lifeline and sanctions evasion vehicle for the Iranian regime.”
Iranian President Masoud Pezeshkian said to state media that Iranian exports have dropped nearly 35% due to ongoing sanctions against Iran and a U.S. military blockade of Iranian ports, Reuters added.
UAE bank allegedly tied to Iranian networks is reviewing Treasury's claims with 'utmost seriousness'
A United Arab Emirates branch of an Egyptian bank that the Treasury Department says is linked to the Iranian regime said Saturday it is reviewing the accusations with “utmost seriousness and attention.”
The Treasury Department said Friday that “under Operation Economic Outcast, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions.”
The Treasury described the bank as a “critical node” for Tehran’s access to American dollars.
“Treasury estimates that between January 2024 and June 2026, Banque Misr UAE processed approximately $1.8 billion for 103 companies that are potentially part of Iranian shadow banking networks,” it said. “Because Iran is already subject to comprehensive U.S. sanctions, in order to generate revenue abroad, it relies on multi-jurisdictional shadow banking networks that provide key access to U.S. dollar correspondent banking relationships. Iran uses these shadow banking networks to launder funds, procure weapons, and bankroll its regional terrorist proxy groups.”
Banque Misr said in a statement Saturday that it “affirms its full respect for the relevant regulatory and legal frameworks, its adherence to all applicable laws, regulations, instructions and supervisory controls, and its full and constructive cooperation with the relevant authorities.”
“Within the framework of Banque Misr’s full respect for the applicable regulatory process, the Bank clarifies that what has been announced constitutes a Notice of Proposed Rulemaking (NPRM), which is subject to a formal period for receiving and reviewing comments before any final rule is issued,” it added.
“The Bank is treating the NPRM and the information and assessments contained therein with the utmost seriousness and attention and is reviewing it thoroughly. The Bank will communicate with the U.S. Department of the Treasury to obtain further information and maintain ongoing cooperation, in preparation for taking the necessary legal and regulatory actions and submitting its response to the relevant authorities within the specified period,” it also said.
IRGC Navy claims 'completely decisive' control of Strait of Hormuz, rips US 'obvious lie': report
The Navy of the Islamic Revolution Guards Corps (IRGC) argued Saturday that it has full control over the Strait of Hormuz, according to a report.
“The statements by U.S. officials regarding the Strait of Hormuz being open are an obvious lie and are solely intended to control the price of oil and cover up their failures,” the IRGC Navy was quoted as saying by Iran’s Tasnim News Agency.
“The control of the warriors of Islam over this strategic waterway is completely decisive,” the IRGC Navy reportedly added.
U.S. Central Command, which has been enforcing a blockade of Iranian ports, told Fox News Digital earlier this week that “Iran does not control the Strait of Hormuz."
"The strait is an international waterway that commercial vessels continue to transit with U.S. military assistance,” CENTCOM spokesperson Capt. Tim Hawkins said.
Fox News Digital’s Morgan Phillips contributed to this post.
Iranian president strikes defiant tone, says Tehran will ‘stand strong against any aggressor’
Iranian President Masoud Pezeshkian said Saturday that his country does not welcome war, “but we will stand strong against any aggressor, and no power can force a nation that stands with all its might and will to surrender,” a report said.
Pezeshkian spoke as the U.S.-Iran war passed the 6-month mark this week.
"Despite the measures taken in the field of diplomacy and with the support of the people, the efforts of managers and statesmen, and the efforts of the commanders of the armed forces, we will not bow to any threat, as we have shown many times before,” Pezeshkian added, according to the state-run IRIB News Agency.
Iran’s Supreme Leader Mojtaba Khamenei revealed that the country is dealing with economic problems as the U.S. Treasury Department's Operation Economic Outcast is widening, Reuters reported. The Trump administration launched its military campaign, Operation Epic Fury, against Iran on Feb. 28.
At least 6,000 sailors stranded by Iran war, UN maritime agency says
At least 6,000 sailors remain stranded aboard hundreds of ships in the Persian Gulf six months into the war with Iran, according to the United Nations' maritime agency.
The International Maritime Organization said Friday that 19 seafarers have been killed since the conflict began Feb. 28.
At least 70 attacks on international shipping have also been recorded in the Persian Gulf during the war, according to the agency.
The disruption comes as shipping through the Strait of Hormuz remains well below normal levels despite U.S. efforts to secure the critical waterway.
Before the war, roughly 20% of the world's traded oil and natural gas passed through the Strait of Hormuz.
Yesterday's Fox News Digital live blog offers additional coverage of the conflict with Iran.
The Associated Press contributed to this report.
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