Tehran: Six months after the onset of conflict, Iran has officially recognized the significant economic impact stemming from sanctions imposed by the United States and Israel, with no resolution in sight.
According to Thai News Agency, Iranian President Masoud Peseshkian announced in a video statement that the nation's exports and imports have seen a decline of 25-35 percent, highlighting the severe economic consequences of the sanctions. Despite a brief period where Iran managed to export nearly 90 million barrels of oil under eased restrictions, sustaining such export levels has proven unattainable.
On the same day, Iranian officials denounced the new economic sanctions from the US as a form of state terrorism. Concurrently, Iran's Supreme Leader has prohibited any actions that might disrupt social cohesion, amidst apprehensions that heightened economic challenges could lead to renewed unrest within the country.
The statement from Iranian leaders regarding the economic data coincides with the six-month mark of the ongoing war and stalled diplomatic negotiations. The Trump administration has intensified its efforts to enforce financial sanctions on Iran through an initiative termed "Economic D-Day," which commenced on Monday.
These sanctions have further exacerbated the economic strain caused by the war, propelling the annual inflation rate to 66 percent last month. Additionally, tensions surrounding the Strait of Hormuz, a crucial shipping lane responsible for 5 percent of the world's oil supply prior to the conflict, continue to be a contentious issue.
The United States has also issued warnings to other nations to cut business and trade ties with Iran or face secondary sanctions. However, the US Treasury Department has not yet officially implemented these penalties.