Iran Trade Falls 25%-35% as US Targets Banque Misr UAE Over $1.8 Billion Links
Updated
Updated · CNBC · Aug 29
Iran Trade Falls 25%-35% as US Targets Banque Misr UAE Over $1.8 Billion Links
3 articles · Updated · CNBC · Aug 29
Summary
Iranian President Masoud Pezeshkian said trade has dropped 25%-35% under U.S. sanctions and the restored naval blockade, with imports falling more sharply than exports.
The pressure campaign widened Friday when the U.S. Treasury moved to cut Banque Misr UAE off from correspondent banking with U.S. institutions, alleging it processed $1.8 billion for 103 companies tied to Iran’s shadow banking network.
Iran’s oil exports show the squeeze: August crude loadings have fallen to about 260,000 barrels per day, down more than 80% from 1.7 million bpd a year earlier, according to Kpler.
U.S. Central Command said its forces had redirected 82 commercial vessels, disabled 3 and boarded 2 by Aug. 28 to enforce the blockade, while Banque Misr said its UAE branch is cooperating and still serving customers.
Six months after U.S. and Israeli combat operations began, Tehran is urging less reliance on the dollar and greater self-reliance even as the Hormuz standoff remains unresolved.