Trump's Iran sanctions aren't working as planned: report

TEHRAN, Nov. 18 (MNA) – The Trump administration's strategy of maximum pressure on Iran hasn't achieved its intended impact, said a report on Saturday.

According to Business Insider India, despite the Trump administration's strategy of maximum pressure on Iran, which took full effect on Nov. 5, targeting the country's oil and banking sectors, Iran's currency, the rial, has shown surprising resiliency, and the Tehran Stock Exchange (TSE) has shown similar signs of life. The Overall Index on Nov. 4 was 182,918. One week later, on Nov. 12, it stood at 182,211 - a drop of only 0.4 percent. And in terms of the dollar value of the index, it actually shows a significant 7% increase in value.

Meanwhile, Tehran's Energy Exchange celebrated its second crude oil deal this week, the report adds. To fight the oil sanctions, Tehran found a workaround. It now sells its crude on an anonymous Energy Exchange platform to customers whose identity will remain secret. These customers, in turn, sell the oil in the international markets. This is how unknown buyers purchased 700,000 barrels of Iran's crude oil on Nov. 11 for $64.97 per barrel, according to the report. The cost was roughly 9% below the going rate posted by the National Iranian Oil Company. But it was a victory nevertheless in that sanction busters around the world now see a possible way around US restrictions.

Furthermore, by issuing waivers for eight countries, the US has not reduced Iran's oil exports to zero, though it has taken offline 1 million barrels per day in six months without spiking oil prices.

MA/PR

News Code 139717

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