Iranians Dread the Pain of New Sanctions

(Bloomberg) --

President Donald Trump insists his decision to reimpose sanctions on Iran’s oil sales is aimed at the government and not “the long-suffering Iranian people.”

The view from Tehran is starkly different.

The hopes of Iranians who endured a decade of sanctions and looked to the 2015 nuclear deal as a promise of better living standards have been dashed. Even before the measures took effect today, the national currency had lost about 70 percent of its value against the dollar.

Some shoppers are hoarding goods while a number of retailers are withholding products in anticipation of higher prices to come. That’s prompted warnings from the authorities and surprise visits by the security forces to halt the practice.

Iran’s top leaders have expressed defiance, vowing to keep the economy afloat and work with European partners to the nuclear deal to keep business channels open. And at least eight countries will get waivers to import Iranian crude.

But the authorities are concerned. Facing sporadic public protests since December, they have announced plans to hand out food baskets to the poor — a sign they fear worse may be coming.

Iranians Dread the Pain of New Sanctions

Global Headlines

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What to Watch

  • There are signs U.K. and European Union negotiators are getting close to a breakthrough on Brexit, though Prime Minister Theresa May would still need to get her ministers' backing for a draft deal. Her Cabinet meets tomorrow.

And finally... A robo-call in the southern U.S. state of Georgia is providing perhaps the starkest example yet of the overtly racist rhetoric that has emerged in this midterm election cycle. “This is the magical Negro Oprah Winfrey asking you to make my fellow Negress Stacey Abrams the governor of Georgia,” the call states, referring to the former television host and the Democratic candidate. Abrams, who could pull off an upset win tomorrow to become the first black female governor, described the call a desperate and “vile” attempt to sway voters.

Iranians Dread the Pain of New Sanctions

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