In remarks to an Iranian radio network on Monday, Tehran’s Ministry of Foreign Affairs spokesperson admitted that sanctions placed on the regime by the United States “have caused serious monetary and financial damages to Iran.”
In a conversation with Radio Farda, the regime’s Saeed Khatibzadeh said that the Trump administration’s “maximum pressure” campaign against Tehran has had dire consequences for the nation’s continued financial stability. He said that the Islamic Republic would soon be seeking legal relief from the sanctions through the International Court of Justice.
“The United States must make up for all the damage it has done to Iran,” Khatibzadeh said. “Iranian people should not doubt that we will cash compensation for all damages cent by cent.”
That the sanctions are having a devastating effect on the Iranian economy is not news; the chief currency used in Iran – the rial – has lost a third of its value since the summer and is now sitting at an all-time low. And the pressure against Iran is only growing – last week, the Treasury Department levied sanctions against 18 Iranian banks, putting the nation in further economic isolation.
In recent years, American sanctions have decimated the Iranian economy. The rial—Iran’s chief currency—has seen its value drop by over a third since June and now sits at an all-time low.
“Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs,” Treasury Secretary Steven Mnuchin said. “Today’s actions will continue to allow for humanitarian transactions to support the Iranian people.”
Increasingly left without partners in the legitimate financial world, Iran has sought to deepen its ties with Russian and China to make ends meet.
In response to Washington’s crippling sanctions regime, Iran has reached out to American adversaries like Russia and China for support.
The way forward, of course, lies in the hands of the Iranians. As the Washington Post reported last week: “Since President Trump withdrew from the Iran nuclear deal in 2018, Tehran has exceeded several limitations of the accord and now has more than 10 times the amount of enriched uranium allowed under the agreement, according to the U.N. nuclear watchdog. U.S. officials in Iraq have also experienced an uptick in rocket fire and other attacks by Iranian-backed militias.”
At any time, Iran could back away from their nuclear agenda, come to the table with Trump administration representatives, and hammer out a deal that would unlock the world’s economy once more. They’ve shown, instead, that they are willing to defy sanctions, let their people starve, and cross their fingers that Biden will get elected and give them back their precious Obama deal. It’s a gamble that could pay off, of course, depending on which way the wind blows on November 3rd.
For the sake of the entire world, let’s hope that this election doesn’t go the way Tehran wants it to.