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Iran's Economy to Suffer But Likely Ride Out U.S. Sanctions Storm

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Iran's Economy to Suffer But Likely Ride Out U.S. Sanctions Storm

2018-11-08 18:00:281 Oct 2018 01:53 AM EST

According to Reuters, analysts have said that Iran is likely to ride out the storm from U.S. oil sanctions, suffering recession but no economic meltdown. A European diplomat said that “Iran’s situation is better than pre-2016 because of high oil prices and the fact that the U.S. is isolated this time." The situation comes after US President Donald Trump reimposed far-reaching U.S. sanctions in phases, with the most damaging oil and banking penalties taking effect on November 5.

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