One week after claims of an "Iranian victory", with Tehran supposedly leveraging the Strait of Hormuz and outmaneuvering Donald Trump, the narrative has shifted. U.S. and allied naval forces have applied sustained pressure, effectively constraining Iranian shipping and energy exports, all without deploying ground troops. With these constraints in mind and the cards in Washington’s hands, the real deal making begins. But, apart from the challenge of the nuclear “dust,” the missile program, and terrorism, the regime will continue to pose a threat to its own people. With time on America’s side, should a grand strategy consider how to best empower the Iranian people?

Miad Maleki is a senior fellow at the Foundation for Defense of Democracies (FDD) and a U.S. Air Force veteran. He previously worked as Associate Director for the U.S. Department of the Treasury’s Office of Global Targeting at the Office of Foreign Assets Control (OFAC), where he played a central role in architecting the Treasury Department’s sanctions campaigns against the Iranian regime and its extensive network of proxy groups, including Hezbollah, Hamas, Iraqi Shiite militias, and the Houthis. Mr. Maleki also served as the assistant director for counterterrorism, nonproliferation, and Middle East sanctions and as OFAC’s chief and senior sanctions coordinator for Iran and the Middle East.

Read the transcript here.

Subscribe to our Substack here.