Economy

VOA – New U.S. sanctions targeting Iranian industrial metals will hit two of the country’s most lucrative non-energy exports, according to Iranian government data seen by VOA Persian. President Donald Trump signed an executive order Wednesday, seeking to deny Iran revenue from its exports of iron, steel, aluminum and copper. The measure blocks the assets of people involved in producing …

Al-Arabia – The United States on Wednesday warned European banks, investors and businesses against engaging with the so-called special purpose vehicle (SPV), a Europe-backed system to facilitate non-dollar trade with Iran and circumvent US sanctions. “If you are a bank, an investor, an insurer or other business in Europe you should know that getting involved in the … Special Purpose …

VOA – The United States has imposed sanctions on Iran’s metal sectors as tension escalates between the two countries. The White House statement made the announcement in a statement issued Wednesday, a year after the U.S. withdrew from the 2015 Iran nuclear deal. Iranian President Hassan Rouhani says his country will suspend its compliance with prohibitions on stockpiles of enriched …

Radiofarda – The United States said on Tuesday that European powers are unlikely to live up to a pledge to prevent their conduit for trade with Iran being used to launder money or finance terrorism, raising the prospect of further U.S. sanctions. France, Britain and Germany have set up the special purpose vehicle called Instex, a conduit for barter-based trade …

RFL/RE – The United States has pledged to cut Iran’s oil exports to “zero,” denying Tehran a key source of revenue through tough sanctions and the threat of stiff penalties to potential buyers.But economists say that while the U.S. measures will hit Iranian oil sales, which account for 70 percent of the country’s revenues, they will not completely halt them.Iran …

PayvandNews – Iran’s currency reached its lowest level against the U.S. dollar in the past seven months, according to reports from Iran on Tuesday, May 7. Foreign exchange websites reporting virtually live on actual free market rates, say that the Iranian rial reached a low of 154,000 against the greenback. “Exporting Democracy with Aircraft Carrier”(source: Iranian daily Hamdeli)Related Article: Bolton’s War with …

Radiofarda – In a closed-door session on Monday, May 6, the majority of lawmakers in Iran’s parliament opposed raising fuel prices, putting the cash-strapped Rouhani government in in a tight spot. “Majles has decided to oppose raising gasoline prices,” just for the sake of preventing fuel smuggling Speaker Ali Larijani announced, adding, “Majority of the MPs believe that the only …

Radiofarda – Thirty-one years after the disastrous Iran-Iraq war (1980-88), vouchers and coupons to procure essential goods might be on their way back for the people of Iran. Without elaborating on the details, the Islamic Republic Vice President Es’haq Jahangiri said on Saturday, May 4, “Some goods might be rationed and distributed through vouchers or coupons.” Under new U.S. sanctions …

rferl.org – Iran has mobilized all its resources to sell oil on the “gray market,” bypassing U.S. sanctions that Tehran considers illegitimate, Iran’s Deputy Oil Minister Amir Hossein Zamaninia said on May 5. His comments come days after Washington announced that it has decided not to reissue waivers in May allowing importers to buy Iranian oil without facing U.S. sanctions. …

rferl.org – Turkey says it will not be able to diversify oil imports quickly after the United States ended sanction waivers on purchases from Iran, and Ankara continues to urge Washington to reconsider its decision. “It does not seem possible for us to diversify the sources of the oil we import in a short time,” Turkish Foreign Minister Mevlut Cavusoglu …