The European Union confirmed on Monday that it will continue coordination with the United States, the G7 countries and international partners to maintain pressure on Iran, at a time when Washington is moving to tighten its economic tools against Tehran.
The Union said, in a statement issued in conjunction with the meetings of finance ministers and central bank governors in the G20, that it welcomes efforts aimed at pushing Iran to stop what it described as “destabilizing activities” and engage in peace negotiations in good faith, including through increased economic pressure and the “economic exclusion process” led by the United States.
He added that Brussels will continue to work closely with Washington and its G7 partners in order to maintain pressure on Tehran, in parallel with seeking to reduce escalation and achieve regional stability.
The US administration announced the expansion of the sanctions campaign against Iran, with the Treasury Department preparing to repeatedly impose new secondary sanctions on institutions and entities linked to the Iranian economy.
In parallel with the political and economic escalation, the repercussions of the war with Iran began to put pressure on Western economies. An analysis by the Center for Economic and Business Research showed that the average British family may lose about 2,400 pounds of its real income by the end of 2027, as a result of rising inflation, a slowdown in wages, and an increase in energy prices.
The center estimates the total losses in the real disposable income of British families at approximately 70.4 billion pounds sterling, an indication that the repercussions of the conflict are no longer limited to the Middle East, but rather extend directly to the cost of living in Europe.
