Iranian president says US sanctions cut exports and imports by 35%

Iran's president has stated that US sanctions have reduced the country's exports and imports by 35%. He emphasized the need for stronger regional cooperation.

The US Treasury Department has proposed revoking Banque Misr UAE's correspondent banking access to US financial institutions, citing its role in the Iranian regime's access to US dollars. According to the Treasury, Banque Misr UAE processed approximately $1.8 billion for 103 companies potentially part of Iranian shadow banking networks.

The US government's effort, part of Operation Economic Outcast, aims to sever financial lifelines sustaining the Islamic Revolutionary Guard Corps (IRGC). The Treasury Secretary stated that the department is committed to ending the threat of the Iranian regime and holding its enablers accountable for their support.

Brief written by urgent.news from Ajel English, Jerusalem Post — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.