Tehran will gradually reduce reliance on its oil reserves, ranked the third largest in the world, as it is set to resist the sweeping US sanctions that seek to curb Iranian crude exports to zero.
President Hassan Rouhani has pitched a budget bill to parliament, telling lawmakers that “this is a budget to resist [US] sanctions… with the least possible dependence on oil.” He estimated it at around $38.8 billion for the next Iranian year which starts March 2020, according to Reuters.
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