War weighs on Iran's economy as US intensifies sanctions
Iranian leaders are acknowledging the economic toll of war with the US, with the supreme leader urging the government to address the hardship and the president saying foreign trade has shrunk by a third due to the American sanctions and blockade. Yet Tehran signalled no retreat on Saturday, vowing to withstand US pressure, pursue diplomacy and maintain what it said was control over the Strait of…
Economic strain from the conflict with the US is escalating in Iran, according to leaders within the country. Supreme Leader Ayatollah Mojtaba Khamenei has called for the government to tackle economic hardships, including inflation and unemployment. President Masoud Pezeshkian reported a decline in foreign trade, with Iranian exports and imports down nearly 35 percent due to US sanctions and a blockade of Iranian ports.
Despite these challenges, Iran remains committed to defending its strategic interests, particularly control over the Strait of Hormuz, a vital waterway for global energy markets. The US has intensified sanctions, with Treasury Department imposing penalties on various entities, including the Egyptian bank Banque Misr and an entity in Hong Kong linked to Iran’s Bank Melli.
Despite the pressure, Iran is pursuing diplomacy alongside its defense efforts, emphasizing the importance of maintaining open shipping through the Strait of Hormuz. Negotiations between Iran and the US have thus far been unsuccessful, and the US has warned countries against conducting business with Iran or face secondary sanctions.
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