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updated: 1/7/2013 11:25 AM

Report: Iran oil revenues down 45 percent

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Associated Press

TEHRAN, Iran -- A senior lawmaker says Iran's revenues from oil and gas exports have dropped by 45 percent because of sanctions over its suspect nuclear program.

It was a clear admission that the sanctions are having a severe impact, but Iran refuses to reign in its program.

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Gholam Reza Kateb, head of the parliament's budget committee, says oil exports dropped 40 percent in the last nine months, cutting revenue dropped 45 percent. He was quoted Monday by the semiofficial ISNA news agency. Banking sanctions caused part of the drop.

Iran is under U.N. sanctions and Western oil, banking and trade restrictions over its refusal to halt uranium enrichment.

The U.S and its allies believe Iran of may be aiming to produce nuclear bombs, a charge Tehran denies.

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