Iran has 'two-year plan' to counter US sanctions: Economy minister

TEHRAN, Aug 25:Iranian Economy Minister Ali Madanizadeh predicted on Monday "another defeat" for the United States, saying the Islamic republic had a "two-year plan" to counter Washington's new sanctions.

"They have done everything they could to test the determination of the Iranian people and the country's officials, but they have failed every time. It seems they wished to suffer yet another defeat," Madanizadeh told state television.

"We've been waiting for these plans for a long time, and the government is and was ready and has a two-year plan to manage these events," he added.

Reuters adds, Iran pledged to fight back against expanded US sanctions aimed at isolating its economy, expressing confidence that major trading partners would resist the pressure campaign and saying that Washington was keen to revive talks.

Almost six months into a conflict the US has struggled to resolve, Treasury Secretary Scott Bessentunveiled the measures on Monday but stopped short of the most punishing sanctions.

While he said countries that continued trading with Iran risked being forced out of the dollar-based financial system, he declined to give a timeline or identify which may be targeted, saying he would give them time to comply with the new directive.

Abbas Golroo, head of the foreign relations committee in the Iranian parliament, said Pakistan's army chiefAsimMunir had delivered a message from the US to Iran on Monday.

"It seems the main goal was to revive the stopped political process," he told ISNA news agency. There was no immediate comment from the White House or the State Department.

The Treasury Department did announce new sanctions on 60 individuals, entities and vessels, but the list did not feature any of the Chinese financial institutions suspected of facilitating Iran's oil trade.
"We want to make clear here today that no one is above the reach of US sanctions," Bessent said in response to a question about Chinese banks.

China has been the biggest buyer of Iranian oil for several years, although the US blockade of Iran's ports has cut Iranian oil flows to China since Washington renewed it in mid-July.

Experts say the USis wary of Chinese retaliation for any sanctions on its banks ahead of expected talks next month between President Donald Trump and Chinese President Xi Jinping, with any curbs on China's exports of critical minerals especially sensitive.

China said on Tuesday that its cooperation with Iran is conducted within the framework of international law and should not be interfered with or disrupted.

Oil prices fell for a second day as traders brushed off the impact of the sanctions, although market participants remained wary of Iran's continued ability to disrupt shipping.

An oil tanker was struck on Tuesday by an unidentified projectile and disabled about 9 nautical miles (17 km) northeast of Oman's Ash Shishah, which lies at the entrance to the Strait of Hormuz, the United Kingdom Maritime Trade Operations said.

After the latest sanctions were unveiled, Iranian Economy Minister Ali Madanizadeh said that Iran was prepared to respond.
�"Agencies