Trump Announces 'Most Crushing Economic Operation Ever' Against Iran, Warns Countries Aiding It of 'Tremendous Consequences'

Washington, DC: US President Donald Trump on Wednesday (local time) announced what he described as the "most crushing economic operation ever taken" against Iran, warning that any country providing financial or other support to Tehran would face "tremendous economic consequences".

"No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me. TRAGICALLY, for them, they have failed to take it," Trump said in a post on Truth Social.

"Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale," he added.

"Their navy is gone, their air force is destroyed, their military factories are now rubble, their currency is worthless, and their country is hanging by a thread," he further wrote.

Trump said any country providing financial, business, airport or government support to Iran would face “tremendous economic consequences.”

"Today, I am also announcing that ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump said.

The US President further said the measures would target Iran's economic lifelines, including oil smuggling networks, financial transfers, exchange houses and front companies.

"Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies -- It all needs to stop NOW," he wrote.

Trump said the measures would mark an "economic D-Day" and urged US allies to join Washington in isolating Iran, claiming that the steps would cripple Tehran's ability to project terror worldwide.

"You know who you are. This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat. These maniacs are on the ropes, and these HISTORIC MEASURES will cripple them and their ability to project terror worldwide," Trump said.

The US President also reiterated that Iran would not be allowed to acquire nuclear weapons. "IRAN WILL NEVER HAVE A NUCLEAR WEAPON," Trump said.

Trump's announcement came shortly after he said the US had "very draconian sanctions" available against Iran and indicated that further measures could be taken.

Asked about possible sanctions on Iran, Trump had said, “We have things that we could sanction. We have very draconian sanctions, and we'll see what happens.”

He had also said that the Strait of Hormuz remained open and claimed that a US naval blockade had been effective. "Right now the Strait is open. A lot of boats are coming through," Trump said.

"The naval blockade has been extremely effective... the blockade has been 100 per cent successful," he added. 

Trump said oil prices had remained stable despite tensions over the key energy route, noting that crude prices had not reached levels previously predicted.

"They were talking about USD 350 a barrel, and it's today 84, 85. And we are getting a lot of oil out," he said.

He also pointed to increased production from US states such as Texas, Alaska and Louisiana, saying alternative sources and new pipelines had reduced dependence on the Strait of Hormuz.

"I think the Hormuz Strait is not going to be quite as important as it was in the past," Trump said.

However, Trump earlier had said the situation with Iran was "so good" and suggested that negotiations with Tehran could resume "maybe at some point".

"Maybe at some point, but right now I think the situation is so good," he had said. The developments come amid heightened tensions between Washington and Tehran over the Strait of Hormuz, a major global energy transit route.

Earlier reports said the US negotiating team had been asked to pause talks with Iran until Tehran was "ready to make a deal". Trump had also said there were no talks currently scheduled with Iran while maintaining that the waterway remained operational.

Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran would not reopen the Strait of Hormuz until the United States fulfilled commitments under a 14-point Memorandum of Understanding, including lifting the blockade, releasing frozen Iranian assets and easing oil sanctions.

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