Lower oil exports and falling value of the rial ‘have intensified pressure on Iran’s economy’

🔸At the same time as the rial’s value falls again and prices of various goods in Iran rise, Reuters, citing three senior Iranian sources, says that the intensification of sanctions and the blockade of Iran’s oil exports has made the Iranian government’s resistance to the economic pressure from the United States increasingly difficult.

🔸Alongside the U.S. naval blockade aimed at targeting Iran’s oil exports, the U.S. government, in recent weeks, has launched a program known as “Economic Expulsion Operation” in order to limit Iran’s access to commercial and financial exchanges around the world.

🔸Islamic Republic officials, while confirming the impact of sanctions on Iran’s economy, emphasize their preparedness to withstand the economic pressure from the United States, and have said that the U.S. cannot exert any more pressure on Iran’s economy.

🔸In a report Reuters published on Friday, 13 Shahrivar, sources whose names were not disclosed said that although Islamic Republic officials have managed for decades to get around sanctions, the latest actions by the United States have placed them in a far more sensitive position, leaving only a limited path to obtain foreign currency or to buy goods.

🔸Starting on Shahrivar 2, the U.S. Treasury Department launched a new economic campaign against Iran titled “Economic Expulsion Operation.”

🔸Scott Bessent, the U.S. Treasury Secretary, said he has announced new secondary sanctions by urging different countries to cut financial and commercial ties with Iran. He said that airline companies, the shipping industry, and digital assets could be among the likely targets of new U.S. sanctions.

🔸Bessent also said Washington expects to impose new secondary sanctions every week, with the initial focus on financial institutions. He also warned that banks that help with Iran’s financial activity may have their access to the dollar-based financial system cut off.

🔸Before that, the United Arab Emirates, one of Iran’s most important channels for trade and financial transactions, had announced its decision to stop “all commercial transactions and financial dealings” with Iran until further notice.

🔸Read the full report on the Radio Farda website.