U.S. Treasury said that economic sanctions against Iran were yielding results. The country’s oil exports have been cut to 1.1 million barrels per day from an average of 2.4 million bpd in 2011, costing Iran about $5 billion a month.
Treasury Undersecretary David Cohen said in a speech at NYU School of Law on Wednesday that the loss in oil revenues has forced the Iranian government to “cut its budget because of a lack of revenues.” Cohen added that the goal is not to affect Iran’s economic growth, but “to affect their political calculus.” (Reuters, 13 September)
"Sanctions have effectively terminated international access for most Iranian banks," said Cohen. "Today, the Iranian government is relegated to the backwaters of the international financial system, and they know it."