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Iran said it is ready for what the United States has called the "greatest financial offensive ever" against the country, amid escalating economic pressure from Washington.

This comes as Ukraine marked its Independence Day without senior US envoys present, and as Russia moves to seize infrastructure it considers poorly protected against Ukrainian drone attacks.

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Major Story

🇺🇸🇮🇷 Iran sanctions showdown

The US has widened its sanctions campaign to cut Iran off from global finance, warning that nations, banks and businesses maintaining financial ties with Tehran will also be isolated.

US Treasury Secretary Scott Bessent said the measures were Washington’s largest financial offensive against Iran, covering digital assets, technology, gold, aviation and shipping and targeting almost 60 entities, individuals and vessels.

Iranian Economy Minister Ali Madanizadeh said Tehran was fully prepared, had a two-year plan and expected China, Russia and other partners to resist the US measures.

China said pressure tactics would not help and that Beijing would protect its interests, while Capital Economics economist David Oxley said the package may have limited short-term effects on Iranian energy flows because about 90% of the country’s oil goes to China.

Iran also threatened to halt all oil exports from the region if the war continued, while Reuters reported that Tehran had again warned ships not to pass through the Strait of Hormuz without permission.

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1️⃣ 🇵🇰🇮🇷 Pakistan seeks to revive Iran peace talks: Pakistan’s army chief Field Marshal Asim Munir is due in Tehran for his third visit this year as Islamabad tries to revive stalled efforts to mediate an end to the US-Israel war on Iran. The trip follows the expiry of a 60-day mediation agreement without renewal and comes as Washington increases economic pressure, but analysts disagree over whether Pakistan has enough influence to break the deadlock.

2️⃣ 🇷🇺🇺🇦 Russia moves to seize exposed infrastructure: Russian President Vladimir Putin has signed a decree allowing the state to take temporary control of critical infrastructure if owners fail to protect sites or repair attack damage quickly. The measure covers energy, nuclear, industrial, transport, communications and utility facilities as Ukrainian drone strikes damage energy sites, drive fuel shortages and hit major retailers’ warehouses.

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