Iranian trade has sharply declined under U.S. sanctions and a naval blockade, President Masoud Pezeshkian said, as Supreme Leader Mojtaba Khamenei urged a reduction in reliance on the U.S. dollar.
"We have had a decrease of between 25% and 35%. Our exports have decreased, but imports have decreased more," Iranian President Masoud Pezeshkian said.
Khamenei emphasized the need to focus on economic growth, boosting production, and gradually phasing out the U.S. dollar's role.
Toughened sanctions campaign kicks off
U.S. Treasury Secretary Scott Bessent launched "Operation Economic Outcast," aimed at severing all of Iran's economic ties worldwide.
Iranian crude oil exports have sharply declined as the U.S. intensifies economic pressure.
August's crude export loadings are down more than 80%.
The Iranian Ministry of Petroleum stated it has enough oil reserves to meet its budget requirements for 2026-2027.
