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Iran on edge of recession as sanctions bite: US study

Published on Feb 27, 2013 6:13 AM
Members of the Iranian delegation, led by Supreme National Security Council Secretary and chief nuclear negotiator Saeed Jalili (second right), sit at a table during talks in Almaty on Feb 26, 2013. World powers began talks with Iran on its nuclear programme in the Kazakh city of Almaty on Tuesday, in a fresh attempt to resolve a decade-old standoff that threatens the Middle East with a new war. -- PHOTO: REUTERS

WASHINGTON (AFP) - Tough sanctions on Iran are biting hard, slashing oil revenue and pushing the country close to recession as it seeks ways such as bartering to stay afloat, a United States government report said on Tuesday.

"The combination of the various US and international trade, investment, and financial sanctions has adversely affected the Iranian economy and its future outlook," the US Government Accountability Office wrote in its report.

The congressional watchdog released the report as world powers, including the United States, met with Iranian negotiators in Kazakhstan on Tuesday for key talks on Iran's suspect nuclear program.

Iran is under the toughest sanctions regime - including four separate UN resolutions - ever devised.

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