The crash in oil, combined with preexisting sanctions, is starting to hit the Iranian economy where it hurts. The Financial Times reports:
Importers of basic commodities in Iran say they are struggling with delays in receiving hard currency from the central bank, caused by the impact of falling oil prices and international sanctions over the country’s nuclear programme.“Tens of ships are now waiting in Bandar Abbas [the main port city in southern Iran], sometimes for several weeks, and refuse to discharge cargoes until they are paid,” said one importer of essential goods.
The currency crunch comes from a combination of the restrictions that the sanctions and the interim agreement put on Tehran’s use of foreign banks, and the lack of trust in Iranian credit that has arisen from the oil crash. The economic warfare, it seems, is working—and gaining much-needed leverage for the ongoing nuclear negotiations.