As the conflict between U.S. and Israeli forces and Iran surpasses six months, Iran is experiencing a decline in trade volume due to American economic pressure. However, Supreme Leader Mojtaba Khamenei has directed efforts to reduce dependence on the dollar and strengthen domestic products, demonstrating a commitment to resistance.
According to a report by CNBC on August 29, Iranian President Masoud Pezeshkian stated in an interview with state television that "(Iran's) exports and imports have decreased by 25 to 35 percent," adding that "imports have dropped even more." He remarked, "Some people say the (U.S.) sanctions have no effect at all; I don't know what to say to them," a comment interpreted as targeting hardliners who emphasize war over reconciliation with the U.S.
Earlier, on August 24, U.S. Treasury Secretary Scott Bensent announced an 'economic isolation operation' aimed at severing global economic ties with Iran. The Treasury proposed cutting off transactions with the UAE branch of the Egyptian bank Bank Misr due to alleged financial dealings with Iran. According to Politico, Bensent emphasized, "Those who assist Iran cannot enjoy U.S. dollars and the international financial system," stating that this marks the first step in holding accountable those who provide persistent and severe support to the Iranian regime.
Iran's crude oil exports have also plummeted in August. CNBC reported, citing trade data firm Kpler, that Iran shipped 260,000 barrels of oil per day, a decrease of over 80 percent from 1.7 million barrels per day during the same period last year. However, Iran's oil ministry claims it has enough reserves to meet its budget requirements for the 2026-2027 fiscal year, stating that it has sent $7.5 billion (approximately 10.35 trillion won) in oil sales to the central bank over the past four months.
In this context, Supreme Leader Mojtaba Khamenei emphasized in a message on August 28 that increasing domestic production is key to solving economic issues and that Iran must gradually reduce its dependence on the dollar. According to Turkey's Anadolu Agency, Khamenei urged the government to seriously address issues such as inflation, unemployment, price control, and regulation of goods and services, placing 'resistance economy' policies at the center of its economic agenda.
Meanwhile, the value of the Iranian rial has hit an all-time low, with the market exchange rate reaching over 2 million rials per dollar.
Amid these developments, the possibility of the Iranian government re-engaging in dialogue with the U.S. has emerged. According to Fox News, Majid Nili, Iran's ambassador to Germany, stated in an interview with the state-run IRNA news agency that "despite the current political climate and pressures, the path to dialogue with the U.S. based on mutual respect is still being pursued." Iranian Foreign Minister Seyyed Abbas Araghchi also noted on August 28 that "restoring diplomacy to its proper course is not impossible," emphasizing that the U.S. must build trust and engage in respectful dialogue while honoring commitments.
* This article has been translated by AI.
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