Last updated on September 5th, 2018
Iran, following the US sanctions, is continuously looking up for options to add back the stability in its economy and the Iranian President, Hassan Rouhani is facing the pressure to keep up with the expectations of the people.
Ayatollah Khamenei, Iran’s supreme leader is feeling the pressure and has warned that the country might abandon its nuclear deal with the world powers. His statement presented a shadow of doubt on the capability of European states to save the agreement, following the US sanctions.
Khamenei said in a meeting with the Iranian President, Hassan Rouhani and his cabinet on Wednesday “they should give up hope on Europe over economic issues or the nuclear deal”, according to his website. Adding “The nuclear deal is a means, not the goal, and if we come to this conclusion that it does not serve our national interests, we can abandon it.”
The sanctions have put an upward pressure on the economy, following the US President, Donald Trump’s exit from the prolonged agreement between the countries. Though European powers have scrambled, but they have ensured that Tehran continues to receive economic benefits.
However, according to Khamenei nothing is working for Iran. Even earlier, he demanded a series of conditions in May for European powers, if they wanted to keep the Iran in the deal. The demand included steps by European banks to safeguard trade with Tehran and assure Iranian oil sales.
Iran’s economy is falling like nine pins, and Rouhani is continuously batting with destabilization. The turmoil is far from over for the country and even the Conservative opponents are smelling something foul. The president has already been criticized following his decisions over handling of the economy and the even the parliament attacked his key minister over economy’s condition.
The trajectory of Iran’s economic graph clearly shows that they are on the verge of a catastrophic collapse. Further monitoring the current situation reveals that the nation’s official unemployment rate is 12 percent, with youth unemployment as high as 25 percent. Ironically, the country’s 60 percent of the 80 billion population forms the total number of youth in the country. Likewise, the value of Riyal has lost more than two-third of its value in a year.
As the economy moves ahead, the condition is expected to get worse. The US officials further aim at nullifying the Iran’s oil exports, as November sanctions come into effect. Conversely, Iran has said that if it cannot sell its oil because of US pressure, then no other regional country will be allowed to do so either. Emphasizing to block the Strait of Hormuz, a strategic channel linked to Gulf crude producers to the world.