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U.S. President Donald Trump is taking aim at Iran's core economic engine, energy exports, with new sanctions going into effect on November 5th. All business with Iranian oil companies will be prohibited including insurance policies on oil shipments. Existing sanctions on Iran's financial sector will also be tightened and all financial transactions with Iran's central bank and a number of other banks will be banned. The U.S. wants to truncate Iran's oil exports to zero. Oil sales account for about 80 percent of all state income in Iran.
Iran has remained defiant, saying it is confident it can weather the impacts. Inside Iran, however, people are on tenterhooks. Economic grievances were a trigger for a wave of nationwide protests in recent months over the scarcity of the US dollar, unpaid wages and rising prices.
Iran has remained defiant, saying it is confident it can weather the impacts. Inside Iran, however, people are on tenterhooks. Economic grievances were a trigger for a wave of nationwide protests in recent months over the scarcity of the US dollar, unpaid wages and rising prices.
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