Pezeshkian Admits US Sanctions Hitting Iran's Economy Hard

Iranian President Masoud Pezeshkian has acknowledged that US sanctions are taking a toll on his country's economy, a reversal from his earlier stance. In an address to state media, he revealed that foreign trade had shrunk by nearly 35% due to the restrictions.

The decline in trade is attributed to both US sanctions and the naval blockade of Iranian ports. This move has significantly impacted Iran's oil sales, which plummeted after the short-lived Memorandum of Understanding (MoU) between the US and Iran was signed in June.

During this brief period, Iran sold approximately 90 million barrels of oil. However, with the sanctions now back in place, the country is facing significant economic challenges.