On eve of Iran nuclear talks, sanctions bite
Iran is struggling with the financial and economic sanctions imposed by the West in efforts to convince the regime to restrict its nuclear program. More sanctions are in the works.
Iranian officials sit down Saturday with negotiators from six nations to try to iron out the ongoing international dispute over Iran's nuclear activities.
That Iran is at the negotiating table at all after more than a year of stalemate is testament to the increasing pressure that the West has brought to bear on the regime. Exactly how much the economic sanctions figured in Tehran's decisionmaking is unknown. But it's clear that the increasingly tight financial straitjacket crafted by the United States, the European Union, and their allies is squeezing Iran's already suffering economy.
Iranian banks, for example, are having trouble making international transactions. Last month, the Society for Worldwide International Financial Transfers – a worldwide electronic payment system known as SWIFT – disconnected blacklisted Iranian financial firms from its network. Even non-blacklisted banks are finding it hard to make agreements or transfer money, as the US threatens to blacklist them as well.
Car sales are falling as joint US/European sanctions push prices up, the Detroit Free Press reports.