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Iran scrambles to sustain trade as US threatens to sanction countries that refuse to break ties
Iran traded $125 billion in goods in 2024 as the UAE suspension threatens a key route for imports and payments, Trade Data Monitor said.
- The United Arab Emirates suspended trade relations with Iran last week, initiating the White House's latest attempt to isolate Tehran. Treasury Secretary Bessent announced the strategy Monday, calling it "Operation Economic Outcast."
- Iran relied on the UAE as a vital conduit for foreign payments and goods. Trade Data Monitor reports Iran exchanged $125 billion globally in 2024, with four countries—China, Iraq, the UAE, and Turkey—handling most non-oil exports.
- Trump threatened Oman last week over Strait of Hormuz negotiations. Turkey settled a July dispute involving a state-owned bank's role in helping Iran evade sanctions, per analyst Riccardo Gasco of IstanPol in Istanbul.
- Since invading Iraq in 2003, the United States has maintained control over Iraq's foreign currency reserves at the Federal Reserve Bank in New York. Parliament Speaker Mohammad Bagher Qalibaf visited Iraq during the suspension, complicating bilateral trade expansion.
- Success hinges on China, Iran's top trading partner, though analyst Lubin doubts Chinese compliance. Russia offers little financial support to its ally due to economic crisis, while official Fried says the U.S. expects China to move further than past efforts.
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16 Articles
Associated Press News+14 Reposted by 14 other sources
Iran scrambles to sustain trade as US threatens to sanction countries that refuse to break ties
Iran's economy is poised for more instability as the Trump administration tries to coerce other countries into ending all financial dealings with the Islamic Republic.
·New York, United States
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Total News Sources16
Leaning Left8Leaning Right0Center7Last UpdatedBias Distribution53% Left
Bias Distribution
- 53% of the sources lean Left
53% Left
L 53%
C 47%
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