Iran on edge of recession as sanctions bite: US study
Published on Feb 27, 2013 6:13 AM
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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!