WASHINGTON (AP) — New signs are emerging that international sanctions are taking a deepening toll on Iran's economy — putting billions of dollars in oil money out of the government's reach. Yet there is no indication the distress is achieving the West's ultimate goal of forcing the Islamic Republic to halt its nuclear program.
Since the election of President Hasan Rouhani (hah-SAHN' roh-HAH'-nee) in June, there have been indications of deterioration.
Last week, the director of Iran's Parliamentary Research Center said more than $60 billion in oil revenue is frozen in foreign banks because of sanctions. This week, local news reports said Tehran may come up short of revenue to cover this year's budget.
And analysts in the U.S. have concluded inflation is actually much higher than Iran has reported.