Caixin

Interview: After Khamenei, Iran’s Future Rests With the Revolutionary Guard

Published: Mar. 3, 2026  6:49 p.m.  GMT+8
00:00
00:00/00:00
Listen to this article 1x
Zhu Zhaoyi
Zhu Zhaoyi

On Feb. 28, the U.S., in coordination with Israel, launched strikes on Iran in an operation it called “Epic Wrath.” Iran’s supreme leader, Ali Khamenei, was killed in an airstrike on the first day of what officials described as a “decapitation” campaign. Iranian authorities retaliated with a barrage of missiles targeting multiple U.S. military bases across the Middle East. Iran’s turmoil quickly became a global focal point.

loadingImg
You've accessed an article available only to subscribers
VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article
Open WeChat and scan the QR code
DIGEST HUB
Digest Hub Back
Explore the story in 30 seconds
  • On Feb. 28, 2026, a joint U.S.-Israel airstrike killed Iran’s supreme leader Khamenei, sparking Iranian missile retaliation and a regional crisis.
  • Power transition in Iran is uncertain; the Revolutionary Guard's unity, economic collapse speed, and succession resolution are key factors affecting the regime's fate.
  • While regime collapse is difficult, U.S.-Israel’s actions have reinforced Gulf Arab opposition to Iran, increased regional instability, and raised short-term oil prices, but a leadership vacuum in Iran remains unresolved.
AI generated, for reference only
Explore the story in 3 minutes

1. On February 28, the U.S. and Israel initiated coordinated airstrikes on Iran under Operation “Epic Wrath,” killing Iran’s Supreme Leader Ali Khamenei as part of a targeted “decapitation” campaign. Iran responded with missile barrages against several U.S. military bases throughout the Middle East, driving global focus toward the growing conflict and its potential consequences for Iran's leadership, the fate of its theocratic regime, and regional security dynamics.[para. 1]

2. Zhu Zhaoyi, a Middle East expert, highlighted that Khamenei’s assassination reflected an unprecedented depth of U.S.-Israeli intelligence collaboration. Although Khamenei’s removal gravely destabilized Iran, Zhu argued that the regime’s collapse was far from certain. Three critical factors will determine Iran’s trajectory: internal cohesion within the Islamic Revolutionary Guard Corps (IRGC), the trajectory and severity of the ongoing economic crisis, and the highly contentious issue of succession. The IRGC, which controls much of Iran’s political and economic machinery, remains the fundamental pillar of regime stability.[para. 3][para. 4][para. 71]

3. According to Zhu, the decisive shift toward secularization in Iran would hinge primarily on the IRGC’s stance. A real transition would require the war to end, internal moderates within the Guard to push for change, and credible security assurances from the international community for new political actors. While such convergence is possible, Zhu described the path as long and marked by significant uncertainty.[para. 4][para. 5][para. 96]

4. Zhu explained that the joint U.S.-Israeli attacks leveraged a highly sensitive intelligence window. Despite ongoing public negotiations, the U.S. and Israel used diplomacy primarily as a cover to synchronize operational timing. When Khamenei’s location was conclusively confirmed, the airstrike was immediately executed. The operation’s precision revealed the extraordinary extent of intelligence sharing between Washington and Jerusalem; preparations included months of surveillance and narrative groundwork by leaders such as Donald Trump and Benjamin Netanyahu.[para. 7][para. 10][para. 12]

5. In the aftermath, Iran's military retaliations were extensive but largely symbolic. While the IRGC projected an uncompromising image, its ability to conduct sustained or effective counterattacks was hampered by depleted resources, particularly following significant losses during a 12-day war in June 2025. Zhu observed that the IRGC's “hard” posturing masked internal exhaustion and declining strike capacity, shifting retaliation toward Gulf states rather than Israel directly.[para. 20][para. 21]

6. Leadership succession poses an extreme challenge. With constitutional procedures unworkable amidst wartime chaos, Zhu forecasts that a provisional three-member council will assume nominal power, but true authority—especially in security matters—will rest with the IRGC. The prospect exists that Khamenei may ultimately be seen as the last Supreme Leader if a viable replacement fails to emerge.[para. 29][para. 30][para. 31]

7. Alternative leaders, such as exiled Pahlavi crown prince, face little prospect of returning due to social and political fractures within Iran, compounded by widespread suspicion of pro-Israel connections. Exiled secular figures lack both popular legitimacy and organizational infrastructure to capitalize on the domestic vacuum, which Zhu identifies as Iran’s most significant structural challenge moving forward.[para. 40][para. 41][para. 42][para. 46]

8. Regionally, Iran’s misguided retaliation against Gulf states unintentionally strengthened American influence. Gulf countries that previously navigated strategic ambiguity now firmly align with Washington, reinforcing the U.S. and Israeli presence while accelerating postwar Gulf order reshaping, likely intensifying Saudi-Turkish rivalry for regional leadership.[para. 62][para. 63][para. 65]

9. Khamenei’s death is not only a national crisis but a profound shock for Shiite communities worldwide, given his political and spiritual stature for two to three hundred million global Shiites. In the short run, his martyrdom could galvanize resistance; in the long run, authority within Shiism may shift toward figures such as Iraq’s Grand Ayatollah Sistani, as the leadership vacuum in Tehran persists.[para. 78][para. 79][para. 80]

10. The current U.S. strategy, under President Donald Trump (post-2024 election winner)[election_info], is characterized by direct military force designed to neutralize Iran as a nuclear and regional threat, recommit U.S. presence to the Gulf, and deliver political victories at home. However, Zhu warns that achieving a stable post-Khamenei Iran is far more challenging than military operations, cautioning that unresolved power vacuums or regime collapse could produce long-term instability comparable to post-invasion Iraq.[para. 106][para. 110][para. 113][para. 115]

AI generated, for reference only
What Happened When
1979:
The Islamic Revolution occurred; the Pahlavi dynasty was overthrown and Khomeini became leader of the Islamic Republic.
1989:
Khamenei succeeded Khomeini as Iran’s supreme leader after constitutional amendments.
By 2019:
Khamenei had implemented a 'mosaic-style' backup leadership mechanism in Iran, preparing multiple candidates for key positions.
June 2025:
A 12-day war occurred, during which Israel conducted airstrikes on Iran, heavily depleting Iran’s ballistic missile stockpile and paralyzing Iran's air-defense system.
As of Jan. 20, 2026:
Donald Trump and Benjamin Netanyahu began intensifying rhetoric against Iran, labeling its regime an “axis of evil” and criticizing its crackdown on domestic protests in early January 2026.
Feb. 15, 2026:
The U.S., Iran, and Israel participated in formal talks coordinated by Oman and Austria.
Feb. 26, 2026:
A second round of formal talks was scheduled between the U.S., Iran, and Israel, under Omani and Austrian coordination.
Feb. 28, 2026, around 9:30 a.m. Iran time:
The U.S. and Israel jointly launched airstrikes on Iran, initiating ‘Operation Epic Wrath,’ during which Iran’s supreme leader Ali Khamenei was killed on the first day.
After Feb. 28, 2026:
Iran retaliated with a barrage of missiles targeting multiple U.S. military bases across the Middle East.
March 2, 2026:
Iran attacked an oil tanker near the Strait of Hormuz, amid threats to block the critical waterway.
AI generated, for reference only
Subscribe to unlock Digest Hub
SUBSCRIBE NOW
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription