War weighs on Iran’s economy as US intensifies sanctions
However, Tehran signalled no retreat on Saturday, vowing to withstand US pressure, pursue diplomacy and maintain control over the Strait of Hormuz.
DUBAI: Iranian leaders are acknowledging the economic impact of the conflict with the United States. Supreme Leader Ayatollah Khamenei has urged the government to address the hardships faced by citizens, while President Pezeshkian reported a 35% decline in foreign trade due to American sanctions and a blockade. Despite these challenges, Iran remains committed to preserving control over the Strait of Hormuz and pursuing diplomatic solutions.
However, negotiations with the US and Israel have hit a stalemate, with the administration intensifying financial sanctions. The Treasury Department has imposed penalties on Egypt's Banque Misr for engaging in business with Iran, though major trade partners like China and India remain unaffected. The economic strain is further exacerbated by an annual inflation rate of 66%.
Iran has vowed to navigate both diplomacy and defense in order to protect its national interests, security, and territorial integrity.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- War weighs on Iran’s economy as US intensifies sanctions freemalaysiatoday.com
- War weighs on Iran’s economy as US intensifies sanctions investing.com
- Iran's Pezeshkian admits US sanctions are hurting economy middleeasteye.net
- Iran foreign trade falls 35% amid sanctions dailytimes.com.pk
- War weighs on Iran's economy as US intensifies sanctions al-monitor.com
