Economy of Iran

Turkey and the United States have kicked off talks on the issue of a new round of sanctions against Iran, as many Turkish companies are prime trade partners with Tehran. Compared to the past, Washington will be more "aggressive" in implementing those measures against Iran, a United States official has said.

Iran's oil exports could fall by as much as two-thirds by the end of the year because of new U.S. sanctions, putting oil markets under huge strain amid supply outages elsewhere in the world.

Turkey has warned the United States that the embargo imposed on Iran is a "mistake" and Washington "does not have the right" to force other countries to implement its unilateral decision, Turkish Foreign Minister has said.

The total amount of the Turkish private sector's outstanding long-term loans from abroad rose by $3.6 billion to reach at $225.1 billion as of April, the Central Bank stated on June 13.

France, Britain, Germany and the EU sent the United States on June 6 a joint official request for their companies to be exempt from punitive measures resulting from fresh U.S. sanctions on Iran.

A Turkish banker sentenced to 32 months in prison for plotting to help Iran evade U.S. sanctions on billions of dollars of oil proceeds took steps on May 25 to appeal his conviction in New York.

Turkey's Halkbank is working closely with the United States Treasury, its chief executive Osman Arslan said on May 23, after one of the bank's executives was sentenced in the U.S. last week for aiding a scheme to violate U.S. sanctions on Iran.

The World Bank has approved two separate loans for Turkey worth $1 billion in total to back a gas storage expansion project and various projects that promote labor market participation for women. 

Chinese state-owned oil company CNPC will replace Total on a major gas field project in Iran if the French energy giant pulls out over renewed U.S. sanctions against Tehran, Iran's oil minister has said.

A Turkish banker was sentenced on May 16 to 32 months in a U.S. prison for plotting to help Iran evade American sanctions, in an much-contested case straining ties between Ankara and Washington.