The new US sanctions against Iran will mainly hit an economic nerve, represented by the oil industry, its exports and the transactions between foreign crude companies and their Iranian counterparts; which means that the ports, maritime shipping companies, transactions related to the oil industry, including the National Iranian Oil Company (NIOC), the oil trading company and the National Iranian Tanker Company, will be the most affected.
Despite the temporary waivers provided by Washington to 8 countries allowing them to continue dealing with Iran in the oil sector, this will not compensate Iran’s losses, noting that Iran is the third largest crude oil producer in OPEC, with sales constituting 70% of the state’s budget.
Will Iran repeat the scenario of 2012-2015 when it managed to evade the oil sanctions imposed against the country through smuggling channels?
For more details, watch the full report in the video above