Iran netted nearly $5 billion in the 22 days after Washington and Tehran signed their memorandum of understanding on June 17, according to a new report from the Jewish Institute for National Security of America.
The findings come as President Donald Trump announced on Monday that the U.S. would reimpose its naval blockade on Iranian ports effective July 14 at 4 p.m. ET, with an added 20% U.S. toll on all shipping through the strait.
The U.S. had lifted the blockade last month upon the signing of the MOU with Iran, at which time the Trump administration also issued a waiver that allowed the sale of Iranian oil. That waiver was revoked last week in response to Iranian attacks on shipping vessels in the strait, but the damage, JINSA says, was already done.
The JINSA report, published on July 8, found that once the initial maritime blockade was lifted mid-June, the Iranian regime “rushed to export its oil at the first opportunity.” Shipping data analyzed in the report indicates that Iran exported 50 million barrels of crude within the first two weeks after the blockade was lifted. By early July, total exports under the temporary truce topped 55 million barrels, netting the regime more than $4.5 billion.
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