Iranian leaders admit economic toll of war with US as trade drops 35%
Iranian leaders are acknowledging the economic toll of war with the United States, with the supreme leader calling on the government to address the hardship while the president reported foreign trade has shrunk 35 per cent due to the American sanctions and blockade. The warnings came even as other leaders threaten the US with military retaliation and declarations that the Iranian navy maintains…
Iranian leaders are openly acknowledging the economic repercussions of the ongoing war with the United States, with the supreme leader urging the government to tackle the hardships faced by the population. President Masoud Pezeshkian reported that foreign trade has plummeted by 35% due to American sanctions and a blockade of Iranian ports.
Despite the war entering its sixth month and negotiations being at a stalemate, the US administration has intensified its efforts to financially penalize Iran under the label of an "economic D-Day". Washington has threatened countries with secondary sanctions if they continue to engage in business with Iran, though it avoided imposing penalties on major trade partners like China and India.
The Treasury Department additionally sanctioned an Egyptian bank and an individual connected to Iran's Bank Melli. Supreme Leader Ayatollah Khamenei recently called for the government to address the economic turmoil, citing issues such as inflation, unemployment, and price management. Iranian President Pezeshkian acknowledged that the country managed to export approximately 90 million barrels of oil following a temporary agreement with the US in June, although the current situation remains tense with the US focused on its economic campaign and Iran seeking to maintain control over the strategic Strait of Hormuz.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
