People in Tehran say US sanctions causing prices to skyrocket
1,197 views · Published 11 November 2018 · 3:00 · Indexed 21 September 2026
Channel: AP Archive · 2018 · News & Politics
(5 Nov 2018) The Trump administration's tough new sanctions on Iran took effect on Monday, but Tehran residents have been feeling the economic hardship caused by devaluation of their national currency for months. The sanctions target Iran's energy, financial and shipping sectors and are aimed at crippling the country's economy following President Donald Trump's withdrawal from the 2015 nuclear deal. The measures restored all the US sanctions that had been lifted under the accord that gave Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program. Iran greeted the re-imposition of US sanctions on Monday with air defense drills and a statement from President Hassan Rouhani vowing that the country will continue vital oil sales despite the sanctions. Iran is already in the grip of an economic crisis, as its national currency, the rial, now trades at 150,000 to one US dollar, down from when it traded around 40,500 to 1 US dollar a year ago. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/fc786f76adec67c93dc27a8f61205303
