Sanctions appear to be hurting Iran, squeezing its banks and sending the Iranian rial plunging to its lowest level against the U.S. dollar.
Washington recently declared Iranian banks guilty of money laundering, forcing U.S. banks to step up the reporting requirements of any banks they deal with who may be doing business with Iran.
This has made it so difficult for foreign businesses many have decided to stop dealing with the Iranians.
In November, Canada and Britain also decided to sever all ties with the Central Bank of Iran and France began calling for a European Union boycott of Iranian oil.
Last week, Issa Jafari, an Iranian parliamentarian, said, “If oil sanctions are imposed on Iran, we will not allow even a single barrel of oil to be exported to countries hostile to us.”