Hit by sanctions curbing oil sales, Iran's economy is set to fall deeper in...
DUBAI - Hit by sanctions curbing oil sales, Iran’s economy is set to fall deeper into recession this fiscal year and foreign reserves could drop to $73 billion by March, a loss of almost $40 billion in two years, the Institute of International Finance said.
The United States last week sanctioned 17 Iranian metal producers and mining companies in response to Iran’s attack on U.S. troops in Iraq, which was retaliation for the U.S. killing of an Iranian general in a drone strike in Baghdad. Iran saw its oil revenues surge after a 2015 nuclear pact between Tehran and world powers ended a sanctions regime imposed three years earlier over its disputed nuclear program.
“The U.S. strategy to inflict a heavy economic and political toll on the Islamic Republic through a coordinated sanctions policy is unlikely to change over the coming months,” said Robert Mogielnicki, a resident scholar at the Washington-based Arab Gulf States Institute.
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