U.S. imposed sanctions on Iran’s oil industry will “cripple” the Middle Eastern country’s economy after they take effect in early November, according to a new report released Wednesday.
Analysts with Oxford Economics say they expect the sanctions to send Iran’s economy into recession, predicting it will contract by 3.7 percent next year, “the worst performance in six years.”
The economic sanctions were originally lifted by the Iran nuclear deal negotiated in 2015 during President Barack Obama's administration. President Donald Trump withdrew from the pact in May, calling it inadequate and claiming it would not prevent Iran from making nuclear weapons. He then followed up earlier this month with his decision to reimpose economic sanctions on Iran.
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Update: Can The U.S. Bring Iranian Oil Exports To Zero? (Gregory Brew, OilPrice.com).
WNU Editor: The Oxford Economics' report is correct. A number of countries will still deal with Iran, but the Iranian economy will not grow as expected and .... more importantly .... as promised by the Iranian leadership.
Update #2: The Iranian regime is also admitting that these sanctions will be harmful .... Iran Calls for Lifting of ‘Unjust and Harmful’ US sanctions (The Sentinel).
