Iran faces a long and bumpy road back from its nearly four-month war with the United States and Israel.
Before the Iran conflict erupted, the country was already grappling with years of sanctions and international isolation tied to its nuclear program that had cut oil exports — its main income source — roughly in half.
The Iranian economy was in dire straits, with inflation close to 50% and severe shortages of basic goods. The war caused a further 10% economic contraction, analysts say, including infrastructure damage and lost oil exports.
The memorandum of understanding (MOU) agreed on June 17 offers immediate relief through US sanctions waivers, allowing Tehran to ramp up exports of crude oil and refined petroleum products.
The 60-day waivers also cover shipping, insurance and banking transactions, putting the Islamic Republic in a stronger legal and financial position than before the war.
