Tightened international sanctions against Iran caused its crude oil exports to drop by 39 percent last year, claimed the U.S. Energy Information Administration (EIA) this week, cutting Iran’s net oil export revenue by 27.4 percent despite a rise in oil prices.
Iran’s parliament on Sunday approved a plan for the country’s poor to receive subsidised food staples from the government, as the Iranian rial continues to weaken under pressure partly caused by international sanctions aimed at crippling Tehran’s nuclear programme.
The Iranian government on Thursday announced a temporary ban on all foreign imports of 75 so-called “luxury goods”, including high-end cars, coffee and even toilet paper, reported the Associated Press, in an attempt to promote domestic-made products while saving billions of dollars used to purchases these products from overseas.
The European Union has decided to impose new sanctions against Iran in a bid to persuade Tehran to abandon its nuclear programme and avert a potential armed conflict.
At a meeting in Luxembourg yesterday, EU foreign ministers reiterated their “serious and deepening concerns” over Iran’s nuclear ambitions and pledged their commitment to “work for a diplomatic solution”.
Iranian officials on Sunday denied any role in recent cyberattacks on Persian Gulf oil and gas companies; and claimed that the American allegations had been “politically motivated”, particularly ahead of the U.S. presidential election.
The U.S. government has reportedly dismissed a “nine-step plan” proposed by Iran to end Western sanctions over the Islamic state’s nuclear program, claimed the New York Times on Thursday, as protests continue to rumble in Tehran over a shocking 40 percent drop in value of the Iranian currency.
Iranian oil tankers have been unloading millions of barrels of oil near a small port island just off the East Malaysian coast, said a report by Reuters on Wednesday, with the oil believed to be then transferred to other oil vessels in order to be shipped all across Asia – circumventing Western sanctions in the process.
Iran has been pushed into a corner and is fighting for its life. The safest weapon in its arsenal is an economic strategy; and it is the one point where the United States is vulnerable.
There is no doubt about it. Section 1245 of the National Defense Authorization Act that was signed into law by President Obama on December 31, 2011 is having the intended effect upon Iran.
President Barack Obama has ordered new economic sanctions aimed at crippling Iran’s energy sector as well as penalising Chinese and Iraqi banks that have facilitated transactions on behalf of Iran.
According to Reuters, the increased pressure “followed criticism from Republican presidential challenger Mitt Romney that the White House is failing to act strongly enough to stop Iran’s suspected pursuit of nuclear weapons.”
An Iranian court has sentenced four people to death for embezzling over $2.6 billion from half a dozen Iranian banks, reported Reuters on Monday, with the accused believed to have had close links with the government of President Mahmoud Ahmadinejad.
