Shahir Shahidthalis, an analyst of international relations affairs and Iran issues, said that the most important sources of the Islamic Republic’s foreign exchange revenue are oil, steel, and petrochemical products, and all three have seen a severe decline as a result of war and the United States sanctions. He added that Iran’s oil exports have fallen sharply in the past month, and this amount is not enough to cover the country’s expenses.

He also said that the center of gravity of the new sanctions is oil exports to China, but it seems unlikely that Beijing would risk its extensive economic relations with the United States for about 500,000 barrels of oil per day. According to Shahidthalis, China’s response to the new sanctions will have a decisive role in determining how effective this economic campaign will be.