New budget bucks US oil embargo says Iran

Last Updated: Dec 09 2019 19:24
Reading time: 0 mins, 44 secs

On Sunday, Iran’s president said that his country will depend less on oil revenue next year, in a new budget that is designed to resist crippling U.S. trade embargoes.

Iran is in the grip of an economic crisis. The U.S. re-imposed sanctions that block Iran from selling its crude oil abroad, following President Trump’s decision to withdraw from Tehran’s 2015 nuclear deal with world powers.

“The budget sends a message to the world that despite the sanctions, we will manage the country,” President Hassan Rouhani told the opening session of Parliament.

He said that the proposed budget will counter “maximum pressure and sanctions’‘ by the United States.

Iranian media, including the semiofficial Tasnim news agency, said that the submitted budget would raise taxes, sell some government-owned property and add more government bonds. But it wasn’t immediately clear from Rouhani’s speech whether these proposed measures would fully compensate for plummeting oil revenues.