Iran hobbles through the sanctions

The country faces tough times ahead, but remains confident of weathering the economic storm

In November 2018, the US administration issued waivers to eight countries to continue importing Iranian oil, albeit at reduced volumes. Two of them, South Korea and Japan, had previously cut purchases almost to zero, so this move amounted to putting oil back on the market, and contributed to that month's slump in prices. The US also gave a waiver to Iraq to continue buying Iranian electricity and gas, recognising that destabilising Iraq's economy again would not serve other interests. In 2019, the US will return to tightening sanctions, and steadily seek to eliminate waivers. But the fact of granting them so far was a tacit admission that some countries, notably China, will continue buying I