Central Bank of Iran Announces Halt in Oil Exports, Highlights Challenges in Recovering Debts

mesoiraq - The Governor of the Central Bank of Iran, Abdolnaser Hemmati, disclosed on Thursday (August 20) a complete halt in Iranian oil exports, bringing oil revenues to zero. Hemmati explained that Tehran is now focusing on recovering outstanding financial dues from its trade partners, noting that Iran previously exported $12 billion worth of goods and services to Iraq annually. He added that the Iraqi government has pledged to settle its debts but is facing economic challenges due to the closure of the Strait of Hormuz and the disruption of its own oil exports. Hemmati pointed out that while other countries can rely on their foreign reserves to navigate crises, this option remains unavailable to Iran due to frozen assets resulting from direct US sanctions.