Iran tightens ties with China and Russia to shield itself from US economic pressure

Iran is turning to regional diplomacy as the United States seeks to cut the country off from international trade and finance. President Masoud Pezeshkian used a Shanghai Cooperation Organisation summit in Kyrgyzstan to pursue closer economic links with countries outside Washington’s pressure campaign.

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in various sectors

Pezeshkian met leaders at the summit on Monday and Tuesday. Indian Prime Minister Narendra Modi expressed interest in strengthening bilateral relations in several areas, while Pakistani Prime Minister Shehbaz Sharif made similar comments. Azerbaijan’s President Ilham Aliyev called for closer cooperation in trade and economic sectors. Kyrgyz leader Sadyr Japarov proposed that Tehran invest in an oil refinery in his country.

Pezeshkian also proposed creating an SCO bank and an export-credit organisation. The initiative would give members additional financial tools and strengthen the bloc’s economic independence, according to his remarks at the summit.

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in various trade and economic sectors

The Iranian president is expected to meet Russian President Vladimir Putin and Chinese President Xi Jinping. The two leaders played leading roles in creating the SCO as a counterweight to the United States. No specific agreement between Kyrgyzstan and Iran has been announced so far.

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the largest financial attack ever organised

The diplomatic activity highlights the limits facing the administration of US President Donald Trump as it seeks to force concessions from Tehran through economic pressure. Treasury Secretary Scott Bessent described the campaign in the Financial Times as “the largest financial attack ever organised” and urged governments to “cut financial and commercial connections with Iran.” China, Pakistan and Turkey have either opposed or ignored those calls. The US blockade of Iranian ports and recent bombings have nevertheless caused serious damage to Iran’s economy, with inflation at 80%, a sharply weaker currency and rapidly rising unemployment.

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cut financial and commercial connections with Iran