Donald Trump piles pressure on Iran's economy as nuclear deadline looms

Donald Trump has moved against Iran (Image: Getty)

Donald Trump has hit Iran with new sanctions aimed at curbing the Islamic Republic's oil exports. The White House is targeting what it describes as a global oil-smuggling network helping Tehran evade restrictions.

One of the key players in the illicit trade is reportedly Greek national Antonios Margaritis. He is accused of managing shipping companies and vessels that have moved millions of barrels of sanctioned Iranian crude. Thirteen other firms based in Hong Kong, China, the United Arab Emirates and the Marshall Islands were also blacklisted for allegedly facilitating these shipments.

Scott Bessent announced the sanctions on Thursday (Image: Getty)

The new financial restrictions were announced on Thursday by the US Secretary of the Treasury Scott Bessent. In a statement, he said: "Today's action against Margaritis and his network degrades Tehran's ability to fund its advanced weapons programs, support terrorist groups, and threaten the safety of our troops and our allies."

Last July, the non-partisan Foundation for Defence of Democracies estimated that Iran had earned US$81 billion to US$90.7 billion under Joe Biden's White House. They claimed Tehran uses the money it earns from oil "to arm anti-Israel and anti-US militias throughout the Middle East, which regularly target US allies."

The move on Thursday came just one day before the Iranian foreign minister was due to speak with France, Germany, and the UK in a bid to prevent the triggering of UN "snapback" sanctions.

European leaders are demanding that Tehran restores its cooperation with the International Atomic Energy Agency (IAEA) by August 31 or face renewed penalties.

Meanwhile, the White House has fired the Pentagon's intelligence agency chief just weeks after it issued a rebuke of a review into the impact of American strikes on Iran.

Lt General Jeffery Kruse was removed from his post as head of the US Defence Intelligence Agency (DIA) on Saturday.

In an operation called "Midnight Hammer", on June 22 the United States Air Force and Navy attacked Iran's Fordow, Natanz and Isfahan nuclear facilities. The US President was quick to claim the strikes had “completely and totally obliterated” them.

However, a leaked report from the DIA found that the attacks on Iran had only set back its nuclear programme by months. The White House swiftly denied the report's findings, declaring the agency's assessment as "flat out wrong".