Economy of Iran

The Turkish private sector's total outstanding loans received from abroad declined by $394 million from the end of 2023 to stand at $163.4 billion as of February, the data from the Central Bank have shown.

In the wake of Iran's recent drone and missile assault on Israel, the European Union (EU) and the United States are gearing up to expand sanctions against Tehran. The move, driven by mounting concerns over Iran's aggressive military actions, marks a significant escalation in international pressure on the Iranian regime.

Israel and Iran traded threats after Tehran's first-ever direct attack on its arch-foe sharply heightened tensions in a region already on edge after six months of war in Gaza.

The European Union will prepare to expand its sanctions on Iran in response to Tehran's attack on Israel, EU top diplomat Josep Borrell said on Tuesday after an emergency video conference of the bloc's foreign ministers.

Discussed will be the developments following Iran’s attack on Israel

Empire Navigation Inc, the Greek shipowner of an oil tanker seized by Iran, said it sought any help from the US government in regaining control of its vessel in a US court filing on Thursday.

Turkish contractors have been awarded 120 projects worth a total of $8.93 billion abroad between January and July this year, data from the Trade Ministry have shown.

The average size of the contracts awarded to Turkish contractors in foreign countries was $74.5 million.

Foreign exchange assets of Turkish non-financial companies declined by $813 million from April to stand at $172.6 billion at the end of May, according to data from the Central Bank.

Their FX liabilities dropped by $3.5 billion to $254.1 billion.

The Turkish private sector's total outstanding loans received from abroad stood at $158 billion as of March, decreasing by $1.2 billion from the end of 2022.

The US confiscated Iranian oil on a tanker at sea in recent days in a sanctions enforcement operation, three sources said, and days later Iran seized another oil-laden tanker in retaliation, according to a maritime security firm.

The vessel is managed by Greece-based Empire Navigation.