Iran's Oil Exports Plummet to Zero Amid War and Sanctions

The Governor of Iran's Central Bank, Abdolnaser Hemmati, revealed in an interview that the country's oil exports have fallen to zero due to the ongoing war and sanctions. This situation is not unique to Iran, as Iraq and Qatar are also experiencing a significant decline in oil revenue.

Hemmati noted that while Iraq and Qatar can access their central bank reserves, Iran's foreign currency reserves are blocked by the US, hindering the country's ability to manage its loss of revenue. The US has long targeted Iran's oil exports and access to international financial channels as part of its sanctions regime.

Iran had expected to receive funds under the Islamabad Memorandum, a framework peace agreement reached with Washington in June, but these resources have yet to be released. Hemmati also discussed his recent visit to Iraq, where he met with the prime minister and explored options for facilitating the transfer of Iranian funds held in an Iraqi bank.