English | دری

Iran unable to access about 44% of its crude oil income

in International Business

Iran unable to access about 44% of its crude oil income

iran oilAccording to The Associated Press, the newly imposed sanctions on Iran have made it difficult for Iran to access billions of dollars in vital oil revenues, as the revenues are accumulated in accounts overseas, where Iran’s access is restricted as per the sanctions.

The U.S. estimates that about $1.5 billion in crude oil revenues is piling up in restricted foreign accounts every month. Crude revenues overall averaged about $3.4 billion monthly in the first half of year, according to the assessment.

The U.S. reached the estimates by looking at Iran’s trade imbalances with oil importers based on customs data from each of the relevant countries. The figures show Iran cannot spend the full amount it earns because it is limited to buying only non-sanctioned goods for imports from the small pool of trading partners. And it is not able to repatriate the money to fill its foreign reserve coffers or cover any budget shortfalls.


Tags assigned to this article:
Iran economyIran oilIran sanctions

Related Articles

Facebook challenger wants half-ownership

A US man who is continuing with a legal claim for half-ownership of Facebook will not be able to question

Last month Facebook CEO Mark Zuckerberg made $3.5 billion

Mandelnews-On the first day of trading in November Facebook‘s stock shot up from $21.08 a share to $28 a share

Coca-Cola increasing its investment in India

Coca-Cola has increased its investment in India in a bid to increase its market share. The investment is USD 3bn

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.