The US withdrawal from the nuclear deal has already had a huge effect, including the devaluing of the Iranian rial and oil exports falling by about a million barrels a day. The impact of the sanctions was felt early on, with their announcement in May driving many companies to abandon Iran, causing the value of its currency to plummet
"DUBAI: While Iran braces for a new set of sanctions on Monday that will target its oil, shipping, energy and banking sectors, US measures have already taken a heavy toll on the Islamic republic.
"As part of the new sanctions, the US Treasury Department will add more than 700 names to its list of blocked entities as of Nov. 5, with the US working closely with countries to cut off Iranian oil exports as much as possible.
"The State Department said on Friday it has closed the “Obama-era condensate loophole,” which allowed countries to continue importing the byproducts of oil and natural gas from Iran even while sanctions were in place.
“ 'This loophole allowed millions of dollars to continue to flow to the regime,” said Secretary of State Mike Pompeo. “These sanctions hit at the core areas of Iran’s economy, and they are necessary to spur changes we seek on the part of the regime. The maximum pressure we imposed has caused the rial to drop dramatically, the country’s Cabinet is in disarray, and the Iranian people are raising their voices even louder against a corrupt and hypocritical regime.' ” . . .
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