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

The governor of Iran's Central Bank has confirmed that Iranian oil exports have fallen to zero due to the ongoing war and sanctions. Abdolnaser Hemmati made this statement in a televised interview, noting that the authorities had prepared for such an eventuality.

Hemmati pointed out that Iran is not alone in facing this issue, as Iraq and Qatar have also seen their oil export revenues plummet to zero. He noted that while these countries can access their central bank reserves, Iranian foreign currency reserves are frozen by the US.

The governor emphasized that the situation is a reality for Iran, and the government and Central Bank had made necessary preparations to manage the loss of revenue. Hemmati also mentioned the stalled peace agreement with Washington and the Islamabad Memorandum, which was meant to pave the way for a final deal but has yet to materialize.

During his visit to Iraq, Hemmati met with the Iraqi prime minister and discussed ways to facilitate the transfer of Iranian funds held in an Iraqi bank. The two sides agreed to work on using resources at the Trade Bank of Iraq to provide backing for guarantees issued to Iranian contractors operating in Iraq.