Story perspectives

U.S. sanctions tighten as Iranian trade drops 35%

9/2/2026

Summary

Pezeshkian Reports Sanctions

President Masoud Pezeshkian reported foreign trade contracted about 35% because of U.S. sanctions and a naval blockade.
The rial fell below 2 million per U.S. dollar on the open market in August 2026.
Official inflation stayed above 80% while food prices rose between 120% and 180%, according to Dr. Raz Zimmt.
Supreme Leader Ayatollah Mojtaba Khamenei called for the government to address inflation, unemployment and price management.

Summary

Bessant Launches Sanctions

Treasury Secretary Scott Bessent launched “Operation Economic Outcast” to sanction an Iranian bank.
Bessent urged G20 finance ministers in Asheville to increase pressure on Tehran, seeking collapse within weeks.
Bessent warned United States could sanction China if it keeps buying Iranian oil.
Bessent said U.S. tariff disputes with Canada may hinder sanctions coalition-building.
Former assistant secretary Daniel Fried said the United States may struggle to rally allies under current policies.

History

Historical Context

After radical students seized the U.S. Embassy in Tehran on 4 November 1979, President Jimmy Carter issued Executive Order 12170, freezing roughly $8.1 billion of Iranian assets and imposing a trade embargo. The sanctions stayed until the Algiers Accords lifted them in January 1981, and formal diplomatic ties have not been restored since 7 April 1980, shaping today’s renewed U.S. pressure on Iran.

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Pezeshkian Reports Sanctions

President Masoud Pezeshkian reported foreign trade contracted about 35% because of U.S. sanctions and a naval blockade.
The rial fell below 2 million per U.S. dollar on the open market in August 2026.
Official inflation stayed above 80% while food prices rose between 120% and 180%, according to Dr. Raz Zimmt.
Supreme Leader Ayatollah Mojtaba Khamenei called for the government to address inflation, unemployment and price management.

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