Iran says new budget bucks US oil embargo, uses Russian loan

TEHRAN: Iran 's president says his country will depend less on oil revenue next year, in a new budget that is designed to resist crippling US sanctions.

Hassan Rouhani spoke during Sunday's opening session of Parliament.

"The budget is based on maximum pressure and sanctions," by the US, Rouhani said.

Rouhani added that the Iranian government's budget will also benefit from a $5 billion loan from Russia that's being finalized.

He said the US and Israel will remain "hopeless" despite their goal of weakening Iran through sanctions.

The next Iranian fiscal year begins March 20, with the advent of the Persian new year. The budget is set to be about $40 billion, some 20% higher than in 2019.

Iran is in the grips of an economic crisis. The US re-imposed sanctions that block Iran from selling its crude oil abroad, following President Trump's decision to withdraw from Tehran 's 2015 nuclear deal with world powers.