Sanctions bite deeper into Iranian economy


The European Union has imposed further sanctions on Iran. The new sanctions are focussing on finance, energy and transport along with the freezing of assets of 34 Iranian corporations including the National Iranian Oil Company (NIOC) and the National Iranian Tanker Company (NITC).

Meanwhile the Iran Independent News Service (IINS) is reporting that there has been a 42% fall in car production in the last six months, that oil exports fell by 220,000 barrels per day (bpd) to 2.63 million bpd in September (this figure is disputed by the national Oil Corporation) and that inflation is standing at over 50% (official figures say it is 23.5%).

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