Economy

rferl.org – The National Iranian Oil Company (NIOC) and Russian state-controlled energy giant Gazprom have signed a memorandum of understanding worth around $40 billion, according to the Iranian Oil Ministry’s news service, SHANA. The deal, agreed on July 19, coincides with Russian President Vladimir Putin’s visit to Tehran for a summit with his Iranian and Turkish counterparts. SHANA reported that …

Iranwire – He was woken by the extreme pain. Examining his foot to establish the cause, he realized he was missing a toe. He had been sleeping on a pile of garbage and a rat had stolen it from him. He began rifling through the trash to retrieve it. This, true story is one of many that the street children …

Al-Monitor – A new Indian financial policy could help the country’s trade with Iran. What happened: The Reserve Bank of India decided Monday to allow imports and exports to be paid in India’s currency, the rupee.  The bank had a few motivations for the move. One is India’s trade gap, meaning the country is buying more than it is selling internationally. This could …

Iranwire – Recently, Iran applied to join BRICS, a group consisting of Brazil, Russia, India, China and South Africa. On a global level, this forum represents 40% of the world population and 26% of the world economy. According to IMF data, China has the largest economy in this grouping and accounts for more than 70% of the BRICS total worth of around …

Al-Monitor – Iran’s official inflation rate is reaching new highs. The Statistical Center of Iran (SCI) — the country’s main statistics agency — reported a monthly inflation rate of 12.2% and a point-to-point rate of 52.5% for the Iranian month ending June 21. Both are record numbers.  The monthly inflation rate reports the changes in the consumer price index — based on a …

RFL/RE – Iran’s oil minister has announced a 50 percent increase in oil exports and a 100 percent collection of oil revenues, but the Supreme Audit Court of Iran says revenue collected from customers in April and May was less than 15 percent. Meanwhile, in the current annual budget, the government predicted the daily export of 1.4 million barrels of …

Al-Monitor – The Biden administration on Wednesday issued a new round of sanctions targeting an international network it says facilitated the sale of hundreds of millions of dollars’ worth of Iranian oil and petrochemical products to East Asia.  Secretary of State Antony Blinken said in a statement that the State and Treasury departments designated 15 individuals and entities located in …

RFL/RE – Iranian oil workers have struck for a second day over wages and the government’s inability to tame price growth as official data showed the country’s inflation rate jumped to 52.5 percent in June.According to the Coordinating Council of Protests of Oil Contract Workers, employees at the Tehran Oil Refinery continued their protest against an increase in working hours and low …

RFL/RE – Iranian pensioners and retired public employees showed no signs of letting up in their protests against what they say is the government’s failure to address deteriorating living conditions. Videos posted on social media on June 27 showed retirees gathering in at least four cities, Ahvaz, Kermanshah, Arak, and Rasht, chanting slogans against the government of President Ebrahim Raisi.The recent wave …

gatestoneinstitute.org – The Biden administration’s weak leadership — to hold accountable those who are violating Iran sanctions — is likely a critical reason the Iranian regime is flamboyantly ignoring the US and forging ahead — soon, most likely, to become a nuclear state. Presumably to take even further advantage of the Biden administration’s weak leadership, the Iranian regime is also …