As Iran prepares for a fresh round of nuclear talks Monday, the country is facing an unprecedented tide of bad economic news, led by sharply falling petroleum exports that are expected to plummet further when new international sanctions kick in two weeks from now, The Washington Post
reported Saturday, June 16. New reports show Iranian oil exports — the country’s economic lifeblood — are down by 40 percent compared with a year ago, as more of Iran’s traditional customers turn to other suppliers to avoid economic sanctions. The revenue loss from falling imports amounts to about $4.5 billion a month, a financial wallop that comes on top of other economic pressure from Western sanctions targeting Iranian banks and key industries. The effects have rippled across the Iranian economy, driving consumer prices up by 40 percent.