U.S. sanctions slashed more than $10 billion from Iran's oil revenue: U.S. official

U.S. sanctions slashed more than $10 billion from Iran's oil revenue: U.S. official
  • Clock-gray 06:58
  • calendar-gray 25 April 2019

U.S. sanctions against Iran have denied its government more than $10 billion in oil revenue since President Donald Trump first announced the move last May, a U.S. official said on Thursday.

Brian Hook, U.S. Special Representative for Iran and Senior Policy Advisor to the Secretary of State, made the comment during a call with reporters days after Washington said it would end all exemptions to the sanctions. The United States demanded importers halt purchases from Tehran from May 1 or face punitive action, ONAreports quoting Reuters.

“Before sanctions...Iran generated as much as $50 billion annually in oil revenue. We estimate that our sanctions have already denied the regime more than $10 billion since May (2018),” Hook said.

The United States re-imposed sanctions against Iran’s oil exports last November after Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran’s nuclear program. But Washington initially allowed the eight biggest buyers of Iranian oil limited imports for another half-year.

Faiq Mahmudov

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