The Iranian rial has plunged to a fresh historic low, crossing 2 million rials to one US dollar on the free market, after Washington rolled out its most severe sanctions package yet against Tehran, according to Al Jazeera . The currency's slide is the latest blow to an economy already worn down by decades of sanctions tied to Iran's nuclear program, compounded by the US-Israel war that began on February 28, 2026. Together, these pressures have battered a nation of roughly 92 million people, according to the report. To illustrate the toll on ordinary households, Al Jazeera compared prices for staple goods in Tehran before the war with current costs. The findings are stark: 2 million rials once bought about 4kg of tomatoes, half a kilo of chicken, and nearly a liter of cooking oil. Today, that same sum covers only about half those quantities. Tomato prices have risen 71 percent, chicken 74 percent, and cooking oil a striking 177 percent, the outlet reported. Medicine has been hit...
Kurdish trade officials say they have not yet been ordered to halt any imports from Iran, even as Washington rolls out its most sweeping sanctions campaign against Tehran to date. Nawzad Sheikh Kamil, director general of trade at the Kurdistan Region's Ministry of Trade and Industry, told Rudaw late Tuesday that the new US measures "have not yet entered the implementation phase," and that the coming days would show their real impact on the Region. His comments come two days after the US Treasury Department unveiled "Operation Economic Outcast," an escalation Secretary Scott Bessent had teased for over a week as an "economic D-Day." The campaign sanctioned nearly 60 entities, individuals and vessels, and expanded secondary-sanctions exposure to five sectors Washington says sustain Iran's economy: digital assets, technology, gold, aviation and shipping. Bessent said the goal is to "sever every economic lifeline" until "Tehran stands al...