A money changer poses for the camera with a U.S dollar (R) and the amount being given when converting it into Iranian rials (L), at a currency exchange shop in Tehran's business district, Iran, January 20, 2016. REUTERS/Raheb Homavandi
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Whatever steps Iranian leaders take after Donald Trump's decision to withdraw from the nuclear accord, none will be more critical to domestic stability than their efforts to minimize the economic damage.A significant loss of oil revenues would hit state coffers hard and present a challenge for President Hassan Rouhani, who won two elections promising to end Iran's isolation and revive its economy.Oil, Oil, OilThe biggest impact on government revenues will come from the expected drop in oil sales after the U.S. gave companies 180 days to extricate themselves from Iranian energy deals. But Iran is unlikely to suffer as badly as it did under sanction-regimes imposed before the 2015 deal because, this time, the U.S. is going it alone.OPEC's third-largest oil producer, Iran is currently exporting about 2.5 million barrels of crude and condensate daily, more than double what it sold when multilateral sanctions were at their tightest from 2012 through 2015 . In an effort to shield its economy, Iran had already switched to trading its oil in currencies other than the dollar and last month announced the euro would become its reference currency.
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