Iran says ready for what US calls 'greatest financial offensive ever'

TEHRAN, Iran 

Iran says it has a two-year plan to counter widened sanctions after the US announced an "economic D-Day" against the country and threatened its supporters.

In response to what US Treasury Secretary Scott Bessent said was "the single greatest financial offensive ever", Iran's economy minister Ali Madanizadeh said it was "fully prepared for the US sanctions", which would result in another defeat for Washington.

Under the latest threat to the Iranian regime, Bessent said the US would cut all economic ties with the country and added that any nation financially partnering with Iran would be isolated.

It follows U-turns and extended deadlines from the White House in its efforts to end the conflict.

Hours after the announcement from Bessent, Madanizadeh said Iran had been "waiting for these plans for a long time".

"The government is and was ready and has a two-year plan to manage these events," he told state television. "We also have our own tools and know how to play the game."

He also said neither China nor Russia had "accepted" the US measures, and predicted other countries would resist them.

The Chinese Foreign Ministry said sanctions and pressure tactics did not help and Beijing would do what was necessary to protect China's interests.

The war has led to hikes in global oil prices, and in response to the latest threat Iran warned it would shut down all oil exports from the region if the war continued

The Iranian regime has also issued a fresh warning to ships not to pass through the Strait of Hormuz without permission.

One fifth of the world's oil and gas usually passes through the strait, a narrow waterway south of Iran, but the flow has been effectively blocked by the country since the conflict began at the end of February, leading to higher oil prices globally.

At a press conference earlier on Monday outlining what has been called "Operation Economic Outcast", Bessent said the US was launching an "economic onslaught against Iran's financial connections around the globe".

"Iran now faces a very clear choice with only two paths before them: complete global isolation....or a path back to normalcy with an opportunity to rejoin the global economy," he said.