{{Iran’s revenues from vital oil and gas exports have dropped by 45% because of sanctions over its suspect nuclear program, a senior lawmaker said Monday, a clear admission that sanctions over Iran’s suspect nuclear program are having a severe impact.}}
Iran’s sanctions-driven financial crisis has led to collapse of the currency, proposals for an austerity budget and government demands that local airlines clear their debts pay cash for fuel, or faced grounding — but its leaders have given no indication that they might give in to the pressure and scale back their nuclear development program.
Gholam Reza Kateb, head of the parliament’s budget committee, said oil exports have dropped 40% in the last nine months compared to the corresponding period last year.
He said banking sanctions also contributed to the 45% reduction in revenues.
Iran is under U.N. sanctions and Western oil, banking and trade restrictions over its refusal to halt uranium enrichment, which is a potential pathway for nuclear weapons development.
The U.S. and its allies believe Iran might be on a path toward producing nuclear bombs.
Iran insists its nuclear program is peaceful, aimed at generating electricity and producing radioisotopes to treat about 1 million cancer patients a year.
Crude oil exports account for nearly 80% of Iran’s foreign revenue.
Agencies
Leave a Reply