Economy & Trade
Iran sanctions: trade down up to 35%, president says
Iranian President Masoud Pezeshkian has said US sanctions are damaging Iran's economy, saying exports and imports had fallen by 25% to 35% in recent months as Washington keeps economic pressure on Tehran.
His comments in an interview with state television late Friday marked a shift from Wednesday, when he told state media that the latest US sanctions “will not achieve anything” and that Iran would stand firm against economic pressure.
Pezeshkian said people who claim sanctions have no effect are wrong, and described Iran as being in “a war situation”. He also said Iran should raise the price of petrol for a third-tier consumption quota, giving an example of an increase from 5,000 tomans to 10,000 tomans.
The quota is one of several rates used to set what Iranian consumers pay for fuel. Iran is a major oil producer and has long heavily subsidised petrol, making price changes politically sensitive.
Vice President Mohammad Jafar Ghaempanah said Wednesday that a US blockade had stopped Iran from importing enough petrol to cover a shortfall in domestic production.
US Treasury Secretary Scott Bessent this week outlined plans for what he called the “economic asphyxiation” of Iran and warned of consequences for countries that do not join the US campaign. The measures build on a US and allied sanctions regime in place since 2018, when President Donald Trump withdrew from an international nuclear agreement with Tehran.
The sanctions push has unfolded during a nearly six-month war involving the United States, Israel and Iran. Washington and Israel said strikes launched in late February were aimed at ending an alleged Iranian nuclear weapons programme, which Iran denies pursuing.
Trump told Al Jazeera on Wednesday that he had no timetable for talks with Iran. Oman has also been discussing a temporary transit corridor with Tehran as the Strait of Hormuz remains central to the conflict and regional trade disruption.
Update
Iranian President Masoud Pezeshkian said US sanctions are affecting Iran's economy.
Pezeshkian said Iran's exports and imports had fallen by 25% to 35% in recent months.
Pezeshkian said Iran should raise the price for a third-tier petrol consumption quota from 5,000 tomans to 10,000 tomans.
Vice President Mohammad Jafar Ghaempanah said the US blockade had prevented Iran from importing enough petrol to cover a domestic production shortfall.
Source note: AFP news report published on 29 August 2026 at 08:55:25 UTC.
Update
US President Donald Trump told Al Jazeera he had no timetable and was not in a hurry over talks with Iran.
Iranian Deputy Foreign Minister Kazem Gharibabadi said that if a temporary Hormuz route is agreed, Iran and Oman would have 30 to 60 days to negotiate a permanent replacement route.
Gharibabadi said Iran’s Revolutionary Guards were involved in the Oman talks and that maps under discussion were drawn up by the armed forces.
Iran’s Revolutionary Guards said talks with Oman included an agreement to share any revenues from management of the strait and accused the United States of obstructing work to finalise a deal.
Source note: AFP news report published on 26 August 2026 at 17:49:50 UTC.
Update
Israeli Prime Minister Benjamin Netanyahu said he did not believe an agreement could be reached with Iran's leaders.
Iran's army said it had rebuilt or replaced all weapons systems damaged during the fighting and imported new equipment.
Iran's Revolutionary Guards said talks with Oman included agreement on sharing revenues from management of the Strait of Hormuz.
Oman's foreign minister said he hoped Oman and Iran would soon announce a temporary transit corridor.
Source note: AFP news report published on 26 August 2026 at 12:57:56 UTC.
Update
Iran's Revolutionary Guards said the Strait of Hormuz was under Iran's control and that no vessel could pass without Iran's permission.
The Revolutionary Guards said the strait would not be opened if the United States did not accept Iran's conditions.
The item says Iran-US negotiations have stalled over control of the Strait of Hormuz.
Source note: AFP news report published on 26 August 2026 at 12:20:37 UTC.
Update
Iran's president said the United States would “achieve nothing” with economic pressure.
Source note: AFP news report published on 26 August 2026 at 10:37:29 UTC.
Update
Iranian President's chief of staff Mohsen Haji-Mirzaei said petrol quotas would be reviewed and reduced without changing the quota price, with higher prices for purchases above the quota.
China said it opposed the US sanctions and would take measures to safeguard its rights and interests.
US Treasury Secretary Scott Bessent said countries that did not support the US economic campaign would share in Iran's isolation, and he did not rule out targeting Chinese banks.
Iranian and Omani foreign ministers said they discussed a temporary navigational corridor through the Strait of Hormuz and a joint mine-clearing project.
Source note: AFP news report published on 25 August 2026 at 19:54:19 UTC.
Update
Architecture student Taneen said the cost of materials for her studies had tripled.
Taneen said her family was buying food because it was expected to become more expensive and said she was thinking about leaving Iran.
The item reports customers crowding bazaars and petrol stations in Tehran amid anxiety over possible price hikes and shortages.
A 74-year-old housewife said the new sanctions were familiar after decades of pressure and said prices at a bazaar were rising almost daily.
Source note: AFP news report published on 25 August 2026 at 15:24:14 UTC.
Update
Oil prices slipped for a second day, falling around 3%, with Brent back below $90 a barrel.
Tehran-based economic expert Saeed Laylaz said the new measures fit Donald Trump's long-running maximum pressure approach and questioned Iran's internal economic governance.
Source note: AFP news report published on 25 August 2026 at 14:13:36 UTC.
Update
Long queues formed at petrol stations in Tehran on Tuesday after the US announced fresh sanctions.
Some Tehran residents said they feared sanctions would worsen pressure on daily life and prices.
A Tehran resident said renewed economic pressure could lead to protests again.
US President Donald Trump criticised Iran's executions linked to winter protests in a Truth Social post.
Source note: AFP news report published on 25 August 2026 at 13:27:32 UTC.
Update
China said it would safeguard its own interests after the United States vowed Iran sanctions.
Source note: AFP news report published on 25 August 2026 at 07:23:28 UTC.
Update
United Kingdom Maritime Trade Operations reported that an oil tanker was struck by an unknown projectile off Oman, causing damage but no casualties.
US Defense Secretary Pete Hegseth said the shift to economic pressure did not mean military strikes were off the table.
Iranian Economy Minister Ali Madanizadeh said Iran had a two-year plan to manage the US measures.
Pakistan's army chief Asim Munir visited Iran and met senior Iranian officials after a recent call between Trump and Munir, according to the item.
Source note: AFP news report published on 24 August 2026 at 23:38:40 UTC.
Update
The US Treasury Department issued new sanctions against 60 individuals, companies and vessels it alleges aid Iranian oil revenue, weapons procurement and cyber operations.
The sanctions affect entities in several places, including the United Arab Emirates, Hong Kong, China, Singapore and Europe.
US Treasury Secretary Scott Bessent said countries not joining US sanctions would share in Iran's isolation and that President Donald Trump was calling world leaders about stopping interactions with Tehran.
The US announcement also suspended sanctions exemptions for payments to and from Iran related to the US educational system.
Pakistan's army chief Asim Munir visited Iran for meetings, and Oman's foreign minister was due in Iran on Tuesday for talks involving Hormuz passage.
Source note: AFP news report published on 24 August 2026 at 19:43:21 UTC.
Update
Iranian Economy Minister Ali Madanizadeh predicted that the United States would suffer “another defeat” over the new sanctions.
Madanizadeh said Iran had been waiting for such plans and that the government was ready to manage them.
Source note: AFP news report published on 24 August 2026 at 19:27:55 UTC.
Update
Iran's economy minister said Iran has a two-year plan to counter US sanctions.
Source note: AFP news report published on 24 August 2026 at 19:07:44 UTC.
Update
The US Treasury Department issued new sanctions against 60 individuals, companies and vessels it alleges aid Iran in oil revenue generation, weapons procurement and cyber operations.
The targets include entities in the United Arab Emirates, Hong Kong, China, Singapore and Europe.
The US announcement suspended sanctions exemptions for payments to and from Iran related to the US educational system.
US Treasury Secretary Scott Bessent said entities that facilitate money laundering for Iran would be removed from the US dollar system.
Source note: AFP news report published on 24 August 2026 at 19:01:21 UTC.
Update
The announcement named no specific countries beyond Iran and gave no timelines.
Maritime tracker Kpler said Iran's oil exports via the Strait of Hormuz fell from two million barrels a day before the war to 0.4 million by mid-August.
Pakistan's army chief Asim Munir visited Iran and met Mohammad Bagher Ghalibaf.
Oman's foreign minister was due in Iran on Tuesday as Muscat and Tehran sought a deal on passage through Hormuz.
Source note: AFP news report published on 24 August 2026 at 18:17:54 UTC.
Update
The US Treasury Department said it had issued determinations against five sectors: digital assets, technology, gold, aviation and shipping.
Scott Bessent said countries that do not join US sanctions would share in Iran's isolation.
Bessent said US President Donald Trump was calling world leaders to ask them to stop interactions with Tehran.
Asked whether Chinese banks dealing with Iran could be targeted, Bessent said no one was above the reach of US sanctions.
Source note: AFP news report published on 24 August 2026 at 17:36:05 UTC.
Update
Bessent said in a major address that the US objective is to sever every economic lifeline sustaining Iran's government.
The address came almost six months into a war that the item describes as having ground to a stalemate.
Source note: AFP news report published on 24 August 2026 at 17:10:46 UTC.
Update
US Treasury Secretary Scott Bessent said countries that do not join US sanctions would 'share in the isolation' of Iran.
Source note: AFP news report published on 24 August 2026 at 17:09:02 UTC.
Update
Bessent said countries allowing Iran money laundering would be removed from the US dollar system.
Source note: AFP news report published on 24 August 2026 at 17:09:41 UTC.
Update
Pakistan's army chief Asim Munir visited Iran on Monday and met Iranian negotiator Mohammad Bagher Ghalibaf.
Ghalibaf said Iran was working to implement the Islamabad memorandum of understanding signed with Washington in June.
Ghalibaf claimed the United States had prevented regional stability by failing to uphold commitments under that memorandum.
Source note: AFP news report published on 24 August 2026 at 17:05:05 UTC.
Update
US President Donald Trump said Iran was “completely collapsing” on Truth Social.
Iranian President Masoud Pezeshkian said last week that Tehran should bring the war to an end while in a position of power and dignity.
A Tehran pharmacist quoted by AFP said daily life was very difficult and that she wanted Iran to compromise.
The item says Iran's supreme leader Mojtaba Khamenei appointed hardliners to key security positions.
Source note: AFP news report published on 24 August 2026 at 13:25:57 UTC.
Update
Maritime tracker Kpler put Iran's oil exports via the Strait of Hormuz at 0.4 million barrels a day by mid-August, down from two million barrels a day before the war.
Iranian President Masoud Pezeshkian said Iran faced many social problems and was trying to overcome inflation, livelihood problems and unemployment.
Pakistan's army chief was expected in Iran on Monday, with Islamabad described as a mediator in talks that helped secure an April ceasefire.
Omani Foreign Minister Badr al-Busaidi was due in Iran on Tuesday as Muscat and Tehran seek a deal on regulating passage through the Strait of Hormuz.
A Tehran pharmacist told AFP that economic conditions were very difficult and said she believed Iran should compromise.
Source note: AFP news report published on 24 August 2026 at 09:55:58 UTC.
Update
Iranian deputy foreign minister Kazem Gharibabadi dismissed Washington's campaign and said US claims about destroying Iran's military and nuclear capabilities did not match the need for a major financial offensive.
US Treasury Secretary Scott Bessent described the campaign in the Financial Times as the "single greatest financial offensive marshalled against an adversary" and called it an "economic D-Day".
Bessent said on X that the measure followed what he described as the United States dismantling Iran's military capabilities, destroying nearly all its military factories and burying its nuclear program.
Iranian Foreign Minister Abbas Araghchi wrote that Iran's relations with China had become deeper and more comprehensive.
Source note: AFP news report published on 24 August 2026 at 08:21:48 UTC.
Update
Iran's foreign ministry warned on Monday that countries joining a US economic pressure campaign would face consequences.
Foreign ministry spokesman Esmaeil Baqaei said Iran had given the necessary warnings.
Baqaei described cooperation with the United States in the campaign as complicity in aggressive actions against Iran.
Source note: AFP news report published on 24 August 2026 at 08:20:01 UTC.
Update
Iranian President Masoud Pezeshkian said citizens face “many problems” and that the government is trying to limit them.
Pezeshkian said Iran is in a “full-scale economic, military and security war” because of US President Donald Trump.
Pezeshkian said the government is trying to overcome inflation, livelihood problems and unemployment.
Source note: AFP news report published on 23 August 2026 at 08:52:02 UTC.
Update
Mohsen Rezai said countries that did not distance themselves from the United States would have their interests harmed by Iran.
Rezai said Iran had not yet attacked American economic interests and threatened to strike US oil and economic companies around Iran and elsewhere if sanctions were imposed.
The item notes that the United Arab Emirates announced on Tuesday that it was suspending all trade and financial transactions with Tehran until further notice.
Source note: AFP news report published on 22 August 2026 at 20:51:37 UTC.
Update
Mohsen Rezai, head of Iran's supreme national security council, delivered the warning on state television.
Source note: AFP news report published on 22 August 2026 at 20:03:52 UTC.
Update
Iran said any country that participates in US sanctions against Tehran would be considered an enemy.
Source note: AFP news report published on 22 August 2026 at 19:54:48 UTC.
Update
The United States also imposed new sanctions on Hezbollah on Thursday, saying the Lebanese movement operated in service to Iran under the command of Iran's Islamic Revolutionary Guard Corps.
Hezbollah said Friday that the sanctions and classifications would not deter it from what it called the path of resistance against Israel.
The US is facilitating direct negotiations between Israel and Lebanon aimed at ending hostilities that began when Hezbollah entered the war by firing rockets at Israel in support of Iran.
Source note: AFP news report published on 21 August 2026 at 17:55:27 UTC.
Update
Pezeshkian defended a June memorandum of understanding with the United States aimed at ending the war, saying it did not show Iranian capitulation.
Iran's Supreme Leader Mojtaba Khamenei was reported to have approved the deal despite having “different views”.
Hardline Iranian lawmakers criticised the government over the deal, accusing it of concessions to the United States, mostly over reopening the Strait of Hormuz.
US media reports said the American navy has organised and protected secret tanker convoys through the southern Strait of Hormuz, enabling between five and 10 million barrels a day of oil to be exported.
Source note: AFP news report published on 21 August 2026 at 12:08:41 UTC.
Update
Talks between Iran and the United States remain on hold, with both sides described as locked in a stalemate.
Tehran is keeping the Strait of Hormuz partially shut, while Washington is maintaining a naval counter-blockade of Iran.
US Treasury Secretary Scott Bessent said the sanctions plan made a return to heavy military operations less likely and said further details would be given on Monday.
Iranian Foreign Minister Abbas Araghchi criticised the planned “Economic D-Day” in a post on X.
Chinese President Xi Jinping is due to visit the White House on September 24, when Iran is expected to be discussed.
Source note: AFP news report published on 21 August 2026 at 11:39:17 UTC.
Update
Iranian President Masoud Pezeshkian said it was better to end the war now because Tehran was in a position of power and dignity.
Iran's foreign ministry accused the United States of economic terrorism and crimes against humanity over planned sanctions pressure.
US Treasury Secretary Scott Bessent said Washington would seek to collapse the Iranian regime through its threatened campaign.
China criticised the US sanctions approach and called for political and diplomatic means to resolve the conflict.
Source note: AFP news report published on 21 August 2026 at 11:24:44 UTC.
Uncertainty notes
The timing and approval status of any Iranian petrol price increase are not clear.
The 25% to 35% trade decline figure is attributed to Pezeshkian.
The full effect of sanctions and naval restrictions on Iran's trade and petrol supplies is not independently established in the supplied material.
The countries that may face US consequences under the expanded campaign are not specified.
Source
AFP news report published on .