Iran's president presented a draft state budget of about $39 billion to par...
DUBAI - Iran’s president presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.
The United States reimposed sanctions with the aim of driving down Iranian crude sales, the Islamic Republic’s main source of revenues, after Washington withdrew last year from a nuclear pact between world powers and Iran. The budget forecasts revenues for oil, gas and condensates falling 40%, leaving a gap it plans to plug by using state bonds and selling state properties.
Unlike Iranian crude, which has distinct characteristics that mean its origin can be traced, the source of refined and other oil products are more difficult to identify.
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