News : Economy
- Published: Monday, 17 September 2018
By INU Staff
INU - The presidents of Russia, Turkey, and Iran met for a summit in Tehran on September 7 to discuss the situation in Syria, as well as US sanctions against Iran.
While they discussed the tragic situation in the town of Idlib, where 1.5 million displaced Syrians currently live and many jihadist organisations are dominating, Hassan Rouhani, Recep Tayyip Erdogan, and Vladimir Putin, also dedicated a lot of time to closer economic cooperation between the three nations, in order to lessen the impact of US sanctions against Iran.
Turkey and Iran both promised to take steps towards using their national in bilateral trade, but given that the US has already banned Iran from using the US dollar, it seems less of a decision by Iran and more like something they’ve been forced to accept.
This is probably more of a crucial issue to the Iranian Regime than the Syrian crisis, given the substantial devaluation of the rial in the past few months. Currently, the rial is valued at 140,000 to the dollar; a record low.
The US has already imposed some nuclear-related sanctions on Iran since pulling out of the nuclear deal in May, but more targeting Iran’s oil industry will follow on November 4; the 39th anniversary of the Iranian hostage crisis.
Iran’s Atomic Energy Organisation has also promised to increase its uranium enrichment beyond previous levels if US sanctions against their oil industry are put in place.
This is part of a policy from Iran’s Supreme Leader Ali Khamenei, who threatened to abandon the nuclear deal altogether and called on the Iranian government to stop working with the other signatories to the nuclear deal and violate the pact by restarting its nuclear programme.
All evidence suggests that the US will put the sanctions in place in November and will refuse sanctions waivers, which will mean all other countries cutting their Iranian oil imports and all companies that haven’t already pulled out of Iran, cutting their ties to the Middle Eastern country.
Iranian officials are unwilling to enter talks with the US – even the unconditional ones offered by Trump earlier this year – about the sanctions and have instead appealed to the International Court of Justice, which will take months to release a provisional verdict.
Meanwhile economic pressure on Iran is rising by the day and the country has lost almost $13 billion in their previous calendar year alone. The cracks are showing and soon the Regime will be gone.