The United States announced on Monday the launch of "Economic D-Day," aimed at isolating Iran from the global economy, and threatened sanctions against "accomplices" who continue to trade with Iran. While specific implementation details remain unclear, this threat is likely to cause a clash between the major trade currencies of the US and Iran. CNBC listed key potential targets.
The United Arab Emirates (UAE) has long been a crucial trade hub for Iran. The Washington Institute, a think tank, states that Iran has relied on UAE banks and its financial system to access the global economy through illicit and often opaque transactions. Severing ties between Iran and the UAE would require stronger measures from UAE authorities to combat opaque financial and trade activities.
Turkey maintains significant commercial ties with Iran, importing Iranian natural gas and exporting manufactured goods to Iran. While Turkey seeks to diversify its energy supply, it has not yet indicated any intention to cut off natural gas supplies to Iran.
Iraq relies on Iranian electricity and natural gas, but trade has declined this year due to frequent border disruptions since the outbreak of war in late February.
India is one of Iran's five largest trading partners. Bilateral trade between India and Iran has been declining in recent years. In April of this year, India resumed importing crude oil from Iran after a seven-year hiatus, following a temporary lifting of US sanctions on Iranian oil exports. However, these trades will face scrutiny if the US follows through on its threat to sanction any entity that purchases Iranian energy.
