Economy

Radiofarda – Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero.

Radiofarda – South Korea’s Hyundai Engineering & Construction said on Monday that it scrapped a 595 billion won ($521 million) deal to build a petrochemicals complex in Iran, saying the Iranian customer’s ability to fund it had been hit by the prospect of U.S. economic sanctions against Tehran.

Radiofarda – Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter U.S. sanctions which come into effect on Nov. 4 and aim to stop the country’s key crude exports, the oil ministry’s news website SHANA reported.

Al-Arabia – Crippling US sanctions are set to kick in early next month against Iran’s regime, targeting its oil and banking sectors.

VOA — Iran’s parliament approved a government economic reshuffle Saturday, days before new U.S. sanctions on Tehran’s oil exports take effect, after President Hassan Rouhani said Washington was isolated among its allies in its confrontation with Iran.

Al-Monitor – With crippling sanctions set to resume next month, the Donald Trump administration is debating how far to go in cutting off Iran from the global financial system. Treasury Secretary Steve Mnuchin has told foreign governments that Washington is backing off its push to force the Belgium-based financial messaging network SWIFT to kick out sanctioned Iranian banks, the Wall Street …

rferl.org – YEREVAN – U.S. national-security adviser John Bolton has vowed that President Donald Trump’s administration will “squeeze Iran” with maximum economic pressure in response to Tehran’s “malign” behavior in the Middle East and around the world.

payvand – Iran’s currency has lost its value five-fold since March, as U.S. sanctions have dealt a heavy blow to economic confidence among people and businesses.

radiofarda – Sinopec Group and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, have not made any nominations to load Iranian oil for November because of concerns they would be violating U.S. sanctions, said two persons with direct knowledge of the matter.

rferl.org – A top Iranian commander is accusing Saudi Arabia of trying to distract from its killing of a prominent Saudi journalist in Istanbul by joining with the United States in a new round of sanctions on Iran.