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US Says Sanctions Slashed Iran’s Oil Revenues

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The U.S. Treasury says American economic sanctions against Iran have drastically reduced the country’s oil exports and revenue.

Reuters reports that Treasury Undersecretary David Cohen noted the fall in Iranian oil revenues at the New York University School of Law on Wednesday. He added that the U.S. will keep up the pressure on Tehran to prevent it from attaining nuclear capabilities.

Iran - United States Relations
Iran – United States Relations

The U.S. has imposed widespread sanctions on Iran’s international trade partners, forcing companies that deal with Iran to cease or significantly reduce their business with that country.

Cohen claimed U.S. efforts have reduced Iran’s daily oil exports from 2.4 million barrels a day to about a million.

“This decrease in exports is costing Iran about $5 billion a month, forcing the Iranian government to cut its budget because of a lack of revenue,” Cohen maintained.

Cohen added that the sanctions have effectively cut off Iranian banks from accessing the international market. “Today, the Iranian government is relegated to the backwaters of the international financial system, and they know it,” the U.S. Treasury official said.

Iran has condemned the sanctions and holds to the claim that its nuclear program is peaceful and the sanctions against it are illegal.



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One thought on “US Says Sanctions Slashed Iran’s Oil Revenues

  • Avatar
    September 14, 2012 at 7:54 am
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    These oil sanctions against Iran are a US inspired attempt to damage the country. They do not have the force of international UN law. Iran is entitled to take wahat action against the limitation of its trade by the illicit and unilateral action of an unprincipled power. In 1988 this kind of brinksmanship resulted in the downing of IR655 and the PA103 in which 440 victims lost their lives.

    That was an election year, and so is this. I hope we do not see a re-run of those despicable acts (both of which were carried out at least in part by the US), but the US is such a poor and irresponsible international player with no concern but for its sectarian national interest that we cannot be hopeful.

    Reply

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