Iran's Trade Plummets Under US Sanctions and Naval Blockade

Iranian trade has plummeted under US sanctions and naval blockade, according to President Masoud Pezeshkian. He said that exports have decreased by between 25% and 35%, while imports have dropped even more significantly.

Supreme Leader Mojtaba Khamenei called for economic self-reliance in a written message, urging the phasing out of the US dollar's role in Iran's economy. He emphasized the need for economic growth and boosting production to achieve this goal.

The US Treasury Department has launched 'Operation Economic Outcast,' a sanctions campaign aimed at severing all of Iran's economic ties worldwide. The department proposed cutting off Banque Misr UAE's correspondent banking access to US financial institutions due to alleged ties to Iran's shadow banking network.

Iranian crude oil exports have declined sharply, with the country loading only about 260,000 barrels per day for export at its ports so far this month. This is down more than 80% from 1.7 million bpd in August 2025.