▲ Motorcyclists pass by a large anti-Trump billboard in Tehran, Iran.
As Iran's economic crisis deepens, concerns are rising that the Iranian leadership could resort to a military response once again, the U.S. daily The New York Times (NYT) reported on the 25th (local time).
While the United States is attempting to shift its confrontation with Iran from armed conflict to economic sanctions, analysts suggest that for Iran, which is already cornered, it effectively has nothing left to lose even if it reignites a war.
"The more the U.S. tries to cut off Iran's remaining lifelines by pressuring third countries, the more Iran will want to show that there is a 'cost' to such measures," Sina Toossi, an Iran expert at the Center for International Policy, told the NYT.
Indeed, following the U.S. announcement of its policy for economic sanctions against Iran, Tehran has shown a series of harsh reactions.
Mohsen Rezaei, secretary of Iran's Supreme National Security Council (SNSC), warned on state television on the 22nd that "any country participating in the economic war waged by the U.S. will be considered an enemy," adding that not a single drop of oil would be allowed to leave the Persian Gulf.
Acting Defense Minister Majid Ebn Al-Reza stated, "Any pressure threatening the livelihood and security of our people is part of war," and "We will also expand the battlefield to protect our people."
The NYT pointed out that the intensity of these reactions demonstrates the severity of Iran's current economic crisis.
Iran's oil exports, the foundation of its economy, have reportedly dropped to near-zero due to recent U.S. maritime blockades.
The value of the Iranian rial has plummeted by an additional 41% since last December, when nationwide anti-government protests were triggered.
With prices surging—including some pharmaceutical products skyrocketing by up to 500%—many Iranians can no longer afford even basic daily necessities, the NYT reported.
The energy crisis within Iran is also intensifying.
BBC Persian recently reported on scenes of Iranians waiting in long lines and moving from station to station as they struggled to secure fuel.
Ultimately, analysts suggest that the conflict between the U.S. and Iran is likely to degenerate into a game of chicken testing which side can endure the pain longer.
However, experts diagnosed that China, Iran's largest crude oil buyer and primary trading partner, is unlikely to join the sanctions against Iran.
China has previously rejected U.S. sanctions targeting companies of other countries, viewing them as an illegitimate attempt to control and pressure foreign governments.
Turkey and Iraq, which are major trading partners for Iran, are also expected to find it difficult to completely sever ties with Tehran.
"Most major financial institutions are already complying with existing U.S. sanctions, but eradicating centuries-old cross-border relations and shadow business networks will be a much harder task," said Ellie Geranmayeh, an Iran expert at the European Council on Foreign Relations (ECFR).
(Photo: AP, Yonhap News)
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