Iran Says Oil Exports Have Fallen to Zero as War and Sanctions Bite
Iran’s central bank governor, Abdolnaser Hemmati, says the country is no longer exporting oil as war and sanctions cut off its main source of foreign currency. He said Iran had prepared for the revenue loss, but its foreign reserves remain frozen by the United States. Funds expected to be released under a June framework agreement with Washington have also not been freed. Hemmati added that Iraq, one of Iran’s key trading partners, is facing its own oil-revenue problems following disruptions around the Strait of Hormuz. Iran is seeking to use funds held in an Iraqi bank to support guarantees for Iranian contractors working in Iraq.
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