Economy & Environment

Iran’s pharmaceutical sector is facing delays of four to six months in the allocation of foreign currency for importing raw materials, industry officials said, warning the hold-ups risk disrupting the drug supply chain.

Iran’s anti-narcotics authority warned on Monday that poppy cultivation would face severe punishment, including fines, prison and land confiscation for repeat offenders.

The European Union on Monday reimposed sweeping sanctions on Iran’s nuclear and ballistic programs after the return of United Nations restrictions under the snapback mechanism, reinstating bans on trade, finance, transport and energy first lifted in 2015.

Canada’s food safety watchdog has temporarily banned imports of pistachios and pistachio products from Iran after more than 100 confirmed salmonella cases and several recalls linked to contaminated shipments.

Iran’s central bank said it will inject $500 million into the currency market from Monday to ease pressure on the rial after weeks of sharp volatility, state media reported.

All UN sanctions suspended under the 2015 deal with Iran snapped back into force at 8 pm Eastern Time on September 27, one month after European powers triggered the so-called "snapback" mechanism. What are they, and what impact will they have?

Iran has imposed new limits on stablecoin transactions, capping annual purchases at $5,000 per person and total holdings at $10,000, authorities announced on Saturday, as the rial plunged to a record low on the eve of the return of UN sanctions.

Iran is sliding into stagflation that could spark unrest, economists warn, as official data reveal the first economic contraction in four years on the eve of the UN sanctions returning.

Iran’s economy has slipped into its first contraction in more than four years and now faces mounting debt and record capital flight, official data show, days before UN sanctions are due to return.

Indian officials have told the Trump administration that any significant reduction in Russian oil imports would require Washington to allow purchases from sanctioned suppliers Iran and Venezuela, Bloomberg reported.

The US dollar rose to a record 1,084,000 rials on Thursday, deepening pressure on Iran’s currency as the deadline for the UN snapback sanctions mechanism approaches.

China has sharply increased crude imports declared from Indonesia in recent months, an unusual surge that points to possible new workarounds for Iranian oil exports, Bloomberg reported on Wednesday.

Iran’s centuries-old carpet industry, once a symbol of cultural prestige and a $2 billion export powerhouse, is unraveling under US sanctions, shifting consumer tastes and rising competition, industry officials and traders say.

The Iranian rial fell sharply on Wednesday as markets braced for the reimposition of UN sanctions under the snapback mechanism, with the US dollar trading above 1,074,000 rials on the open market, more than 2% higher than a day earlier.

The looming revival of UN sanctions on Iran is unlikely to halt Tehran’s vital crude exports but could hand Chinese refiners a lucrative advantage, giving them greater access to discounted Iranian oil, Reuters reported on Wednesday.

Iran's push to modernize its oil industry through artificial intelligence and advanced drilling techniques faces daunting old obstacles from restricted access to technology to mounting financial constraints which have dogged exports for years.

Iran’s central bank governor Mohammadreza Farzin sought to reassure business leaders on Tuesday that the country’s foreign exchange and gold reserves remain secure as UN snapback sanctions loom later this month.

Condom purchases in Iran jumped 26% during the country’s 12-day conflict with Israel in June, according to data from the country’s largest e-commerce platform Digikala.