Trump admin. plans to bankrupt Iran with 'maximum pressure' policies

Sources revealed that the administration plans to impose stricter sanctions, particularly on Iran’s oil exports, which serve as a critical revenue source. 

By JERUSALEM POST STAFF NOVEMBER 16, 2024 16:51

Donald Trump over a backdrop of an Iranian flag. (Illustrative) (photo credit: Canva, RAHEB HOMAVANDI/REUTERS)

US President-elect Donald Trump’s administration is preparing to reinstate its "maximum pressure" strategy against Iran, targeting Tehran’s economic stability and its ability to support militant proxies and nuclear development, The Financial Times reported on Saturday, citing sources close to the transition team.

The sources revealed that the administration plans to impose stricter sanctions, particularly on Iran’s oil exports, which serve as a critical revenue source. 

The anticipated sanctions could drastically reduce Iranian oil exports, which currently exceed 1.5 million barrels per day, up from a low of 400,000 barrels per day in 2020. Experts suggest that these measures would severely impact Iran’s economy. Bob McNally, an energy consultant and former US presidential adviser, indicated that reducing exports to a fraction of current levels would leave Iran in a far worse economic position than during Trump’s first term, Financial Times reported.

According to the report, the renewed strategy aims to bring Iran back to the negotiating table for a comprehensive nuclear deal. According to Trump’s transition team, the approach involves crippling Iran’s financial resources to push its leadership into talks.

However, experts cited in the report expressed skepticism, noting that Tehran is unlikely to agree to what are expected to be stringent US terms. The Financial Times highlighted Trump’s campaign statement regarding Iran in September, saying, “We have to make a deal because the consequences are impossible.”

Iran's top nuclear negotiator Abbas Araqchi attends a meeting of the JCPOA Joint Commission in Vienna, Austria, June 28, 2019. (credit: REUTERS/LEONHARD FOEGER/FILE PHOTO)

Not giving in to pressure

Iranian officials have already rejected the possibility of resuming negotiations under coercion. In a statement posted on X/Twitter earlier this week, Iranian Foreign Minister Abbas Araghchi warned that repeating the “maximum pressure” policy would result in failure, as it had during Trump’s first term.

Maximum Pressure 1.0' compelled 'Maximum Resistance' and ended in 'Maximum Defeat' for the US. The proof? One example: just compare Iran's peaceful nuclear program before and after the so-called 'Maximum Pressure' policy.Attempting 'Maximum Pressure 2.0' will only result in…

— Seyed Abbas Araghchi (@araghchi) November 12, 2024

He emphasized that Tehran remains open to talks but only under fair conditions. 

The security risks associated with the deteriorating US-Iran relationship were also addressed in the report. The Financial Times noted ongoing threats against Trump and former US officials following the 2020 assassination of Iranian General Qassem Soleimani. Additionally, it highlighted legislative efforts by Trump’s advisers, such as Mike Waltz, to impose secondary sanctions on Chinese entities purchasing Iranian oil.