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Ghalibaf Advocates Local Currency Trade to Counter US Sanctions Amid Threats of Severe Economic Measures

3w ago August 21, 2026 1 min read 📰 Iran Herald
📋 Key Takeaway

Iranian Parliament Speaker Mohammad Bagher Ghalibaf has urged Iranian and Iraqi business leaders to devise a strategy to circumvent US sanctions, following a warning from US Treasury Secretary Scott Bessent about impending severe economic measures against Iran. This push highlights Iran's ongoing struggle to manage its economy amid external pressures.

🔍 Quick Context Guide
💡 Bottom Line: Ghalibaf's advocacy for local currency trade underscores Iran's urgent need to adapt to severe economic challenges posed by US sanctions.

👥 Key Players

Mohammad Bagher Ghalibaf MENTIONED
Iranian Parliament Speaker
"As a high-ranking official, Ghalibaf plays a crucial role in shaping Iran's legislative response to economic challenges and foreign pressures."
Scott Bessent MENTIONED
US Treasury Secretary
"Bessent's warnings about sanctions reflect the US government's stance on Iran and its influence on international economic policies."

📰 What Happened

Ghalibaf has urged Iranian and Iraqi business leaders to create strategies to bypass US sanctions, following a warning from the US Treasury Secretary about severe economic measures against Iran.

  • Ghalibaf's call emphasizes Iran's ongoing economic struggles due to sanctions.
  • The US is threatening to impose what it describes as the toughest sanctions in history against Iran.

💡 Why It Matters

🇮🇷 For Iran: This initiative reflects Iran's desperation to stabilize its economy and maintain trade relationships despite external pressures.
🌍 Regional: Strengthening economic ties with Iraq could enhance Iran's influence in the region and provide a buffer against US sanctions.
🌐 International: The situation highlights the ongoing geopolitical struggle between the US and Iran, affecting international relations and economic policies.

📚 Background

Iran has faced crippling sanctions from the US, particularly since the withdrawal from the nuclear deal in 2018, severely impacting its economy.

US-Iran relations Economic sanctions
📡 Source: STATE MEDIA
📊 Confidence: 70%
This article reflects the Iranian government's perspective, which may emphasize resilience against foreign pressures while downplaying internal economic issues.

Baghdad [Iraq], August 21 (ANI): Iranian Parliament Speaker Mohammad Bagher Ghalibaf has called for Iranian and Iraqi business leaders to develop a plan to beat 'cruel sanctions,' after US Treasury Secretary Scott Bessent warned Tehran of the 'toughest sanctions in history'.'If you look at the resources and raw materials of Muslim countries, you will realise that our enemies are coming to plunder them, so we mus

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Translated from the original and edited for English readers. View original source →

Translation confidence: 100%

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