Iran’s oil exports have been halved by economic sanctions, but that still leaves the regime with around $50 billion in oil income this year, according to calculations by the Foundation for Defense of Democracies. Nevertheless, the Iranian economy has taken a substantial hit from sanctions. After the rial lost nearly half of its value in a week earlier this month, Tehran began severely restricting access to dollars and euros.
That’s a welcome sign for anyone who hopes that international sanctions will cause the Tehran regime to abandon its nuclear-weapons program. But the currency restrictions were also a warning: In all probability the regime is battening down the hatches, husbanding foreign-exchange reserves, and preparing for a long ordeal. Given the progress that Tehran has already made with its nuclear plans—still-hidden centrifuge manufacturing plants, enrichment facilities at Natanz and Fordow, a likely weaponization facility at Parchin, and an extensive ballistic-missile program—the regime faces a short, relatively inexpensive dash to the nuclear finish line.