Citing World Bank figures on a huge GDP fall 2017-20, Gholam-Hossein Shafei has said the government needs to revise policies to stimulate competition and encourage investment.
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New U.S Sanctions Target Iran’s Steel and Metals
On the anniversary of the JCPOA exit by the United States, President Trump issued a new order adding Iran’s steel and metals to the list of sanctions.
According to Reuters, the new U.S sanctions are targeting Iran’s steel products, iron, aluminum, and copper exports.
Metal exports are a large portion of Iran’s non-petroleum income. It is estimated that almost 10 percent of Iran’s export consists of metals.
President Trump once again described the JCPOA as a terrible deal and warned Iranian officials that if they do not change their behavior in a meaningful way, more sanctions will be imposed.
The new sanctions are announced just as Iranian officials announced their decision to limit their compliance with the JCPOA.
On Wednesday, Abbas Araghchi, the deputy foreign minister of the Islamic Republic announced in a TV interview that the Islamic Republic no longer accepts a limit to its production of uranium or heavy water. He also indicated that after the sixty-day deadline, Iran’s uranium enrichment level might also increase.
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