US Is Negotiating With SWIFT To Disconnect Iran From Network

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Treasury Secretary Steven Mnuchin said that unlike Obama’s 2013 Iran blockade, it would be harder for countries to get waivers on Iran oil sanctions as the US is already working on disconnecting Iran from the SWIFT network and dismissed concerns that oil prices could rise, saying the market had already factored in the output losses.

Speaking in an interview with Reuters in Jerusalem on Sunday at the start of a Middle East trip, Mnuchin said countries would have to reduce their purchases of Iranian oil by more than the roughly 20% level they did from 2013 to 2015 to get waivers. “I would expect that if we do give waivers it will be significantly larger reductions,” said the US Treasury Secretary. Continue reading

IRGC Chief Calls Out Rouhani Over Iran’s Economic Woes

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(Photo Credit: Radio Liberty)

 

Maj. Gen. Mohammad Ali Jafari is demanding immediate action to stop the rial’s freefall.

In an exceedingly rare public rebuke, the head of Iran’s Islamic Revolutionary Guards Corps has called out his country’s president, Hassan Rouhani, demanding that he do more to gain control of the nation’s economy, which appears to be in a rapid death spiral ahead of implementation next week of the first round of U.S. sanctions. Continue reading

Iran’s currency plummets further to 112,000 rial per dollar

The Iranian rial plunged to 112,000 for each US dollar Sunday on unofficial markets, a further decline from 97,500 rials on Saturday. Another 29 people were arrested on charges of disrupting the economy and corruption. With tougher sanctions in store, the outlook is bleak. Continue reading

Iran Officially Switches From Dollar To Euro

 

Just two weeks after “panic” hit the streets of Tehran as the Iranian government attempted to ‘fix’ the freefall of the Rial against the US Dollar…

Middle East Monitor reports that Iran’s feud with the US is set to get worse after Tehran announced this week that it will start reporting foreign currency amounts in euros rather than US dollars, as part of the country’s effort to reduce its reliance on the American currency due to political tension with Washington. Continue reading

De-Dollarization Continues: China, Iran To Eliminate Greenback From Bilateral Trade

 

The more Washington lashes out in anger at those who will not bow to the unipolar world order, the more the rest of the world fights back. As the launch of its Yuan/Gold-settled oil futures loomsChina is escalating its de-dollarization scheme further by seeking a bilateral rial-yuan agreement with Iran.

As a reminder, nothing lasts forever… Continue reading