Iran feels pinch of new EU oil sanctions
TEHRAN, Iran – As new European Union sanctions targeting Iran’s vital oil industry took effect Sunday, Tehran acknowledged the measures aimed at reining in its disputed nuclear program were taking a toll.
The vice president said authorities had stockpiled imported goods and hard currency to help cushion the blow to the economy.
The ban by the 27-member EU on the purchase of Iranian oil dealt the Islamic Republic its second economic setback in days, following fresh U.S. sanctions that prohibit the world’s banks from completing oil transactions with Iranian banks.
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