US investigators are examining whether cryptocurrency platforms were used to help Iranian officials and state-linked actors evade sanctions, a blockchain researcher told Reuters, as crypto use rose sharply in Iran amid currency weakness and political unrest.
Iran’s central bank has begun distributing the country’s largest banknote, a 5 million-rial (about $3.10) Iran-cheque, as the national currency continues to weaken and cash transactions require ever-higher denominations.
Iran’s currency has lost half its value in just six months and is now at risk of losing its role as both a store of value and a functioning currency, as households and businesses increasingly shift prices, savings, and expectations toward the US dollar.
A sweeping government-imposed internet blackout has slashed sales, frozen online trade and pushed thousands of small businesses to the brink, according to business owners and industry groups, exposing deep vulnerabilities in Iran’s digital economy.
Iranian bank branches are facing growing shortages of cash as demand for banknotes rises sharply, prompting informal daily withdrawal caps of 30 million to 50 million rials per customer (about $18 to $30), Iranian media reported.
The possibility of US military action against Iran is eroding Iranians’ purchasing power and deepening their sense of insecurity, according to Iranian economic news outlets which provide a rare window into economic behavior amid an internet blackout.
Iran’s internet, throttled for 20 days amid the mass killing of protesters, began to partially resume on Wednesday, according to monitoring groups and users inside the country, who said access remains heavily restricted and unstable.
Ali Ansari, an Iranian businessman under UK sanctions for allegedly financing Iran’s Islamic Revolutionary Guards, built a European property portfolio worth about €400 million, according to a Financial Times investigation based on corporate filings.
Cryptocurrency is a rare tool embraced by both Iran’s rulers and its citizens—used at the top to enrich elites to dodge sanctions and at the bottom to survive the economic devastation wrought by their policies.
One year after US President Donald Trump returned to the White House and revived the "maximum pressure" sanctions on Iran from his first term, available data show the country’s energy exports remain largely intact.
Tehran may have crushed street unrest with brute force, but it has no comparable solution for an economy gripped by surging inflation and collapsing incomes.
The future of the Islamic Republic is unresolved, but if and when change comes, Iran’s return to global trade would carry far-reaching consequences for the region’s economy.
A 25 percent tariff on US imports from any country that trades with Iran appears aimed at punishing third countries, but it is likely to hit Tehran far harder.
Chinese independent refiners are expected to increasingly rely on Iranian heavy crude in the coming months, as Venezuelan oil shipments to China stall after the United States moved to redirect Venezuelan exports, traders and analysts told Reuters.
As Venezuela enters a volatile phase following Nicolas Maduro’s capture by US forces over the weekend, Iran’s strategic investments in the country’s oil refining sector are facing a sudden and uncertain reckoning.
Iran’s rial fell to a fresh record low on Tuesday on unofficial markets, with the US dollar quoted at about 1.47 million rials as authorities seek to defuse public anger over soaring prices.
The fate of the Iranian economy is increasingly shaping debates about the country’s future—one that may prove decisive regardless of how its current political struggles unfold.
Tehran’s plan to distribute cash handouts to nearly the entire population appears aimed at calming protests driven by relentless price increases. Whether it will work remains an open question.
The US capture of Nicolas Maduro, a staunch ally of Iran's theocratic rulers, has cast doubt on whether Venezuela will ever pay its reported two-billion debt to Tehran should Caracas flip into an ally of Washington.
Prices of basic goods in Iran are expected to rise by 20% to 30% in the coming weeks, with sharper increases likely for chicken, eggs and cooking oil, government spokesperson said on Monday.
Money held by Iran in Venezuela has already been withdrawn, the head of the Iran-China Joint Chamber of Commerce said on Monday, as questions grow over Iran’s investments following the arrest and transfer of Venezuelan President Nicolas Maduro by the United States.
A social media post by a prominent Silicon Valley investor has ignited an unusual discussion among global entrepreneurs: what it would take to invest in a future Iran after the fall of the Islamic Republic.