Iran’s Trade Collapses 35% as Supreme Leader Urges Ditching Dollar
Iran’s foreign trade has plunged by 35 percent under renewed US sanctions, prompting the country’s supreme leader to call for abandoning the US dollar in international transactions.
Iranian leaders have publicly admitted the heavy economic toll of their confrontation with the United States, with President Masoud Pezeshkian confirming that sanctions are directly damaging imports and exports [230549]. Supreme Leader Ayatollah Ali Khamenei has urged the government to reduce reliance on the American currency and seek alternatives for foreign trade [230864]. The collapse comes as Washington tightens its financial grip, including new pressure on Dubai, which has long served as Iran’s unofficial gateway to global markets and offshore banking [230477]. While senior officials continue to threaten military action and insist Iran’s navy still controls the Strait of Hormuz, the economic strain is forcing a strategic shift toward de-dollarization, with Tehran previously exploring the euro and Chinese yuan for bilateral deals [230549][230864].