Iran Bans ‘Luxury’ Imports in Bid to Boost Sanctions-Hit Economy
Iran Bans ‘Luxury’ Imports in Bid to Boost Sanctions-Hit Economy
Iran’s sanctions-fighting “resistance economy” suddenly got a lot leaner, less flashy and perhaps a bit more uncomfortable.
The Islamic Republic announced Thursday a ban on imports of 75 so-called luxury products — ranging from high-end cars to coffee to toilet paper — part of efforts to promote domestic products and stem the outflow of dollars and other foreign currency as Western economic pressures increasingly choke off Iran’s commerce and critical oil revenue.
It’s the most sweeping measure so far to batten down the Iranian economy, although the move is not likely to leave showrooms and store shelves empty.