Baku. Konul Jafarli – APA. Western sanctions targeting Iran's nuclear program contributed to a steep drop in Tehran's access to global sources of capital last year, the U.S. Treasury Department said in a report to Congress, APA reports.
Foreign banks cut their lending exposure to Iran by the equivalent of $9.1 billion in 2012, down 53 percent, said the report.
Iran's isolation from foreign lending "means that much needed investment to support its continued economic development is scarce,'' said the report, which Congress required in the U.S. sanctions law.
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