Iran Oil Exports Ground to Halt Amid Sanctions and War

Iran's oil exports have come to a complete standstill due to US sanctions and war, according to Central Bank Governor Abdolnaser Hemmati. The freeze on Iranian foreign currency reserves has left the government unable to access its own assets abroad.

Hemmati attributed the collapse in oil exports to the combined effects of war and renewed US sanctions. He noted that neighbouring Iraq and Qatar are also facing export disruptions, but stressed that Tehran's predicament is uniquely severe due to Washington's actions.

The Central Bank had anticipated such a scenario and made contingency arrangements to manage the loss of oil revenue. However, Hemmati acknowledged that funds expected to be released under the June framework agreement with the US have yet to materialise.