Second Phase Of US Sanctions ‘To Tip Iran Back Into Recession’

Oxford Economics has previously argued that the sanctions introduced against Iran by the US this year would prove less severe than the sanctions of 2011. “However,” said Bardastani, “it now looks like the impact will be worse than we initially thought as the other signatories to the original [Iran nuclear] deal have yet to spell out a clear strategy that would allow them to circumvent US sanctions and continue importing Iranian oil.”

China, the number one importer of Iranian crude, in early August rebuffed a request from the US that it stop purchasing oil consignments from Iran although the details of its commitment remain scarce. Europe, meanwhile, this week came under pressure from Tehran to…. (read the full article at Intelli News)

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