There have been a number of sanctions against Iran imposed by a number of countries, especially the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
, and international entities. Iran was the most sanctioned country in the world until it was surpassed by
Russia
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
following its
invasion of neighboring Ukraine in February 2022.
The first sanctions were imposed by the United States in November 1979 after a group of
radical students seized the American Embassy in Tehran and took hostages. These sanctions were lifted in January 1981 after the hostages were released, but they were reimposed by the United States in 1987 in response to Iran's actions from 1981 to 1987 against the U.S. and vessels of other countries in the
Persian Gulf
The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Persis, Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a Mediterranean sea (oceanography), me ...
and
support for terrorism. The sanctions
were expanded in 1995 to include firms dealing with the Iranian government.
The third sanctions were imposed in December 2006 pursuant to
United Nations Security Council Resolution 1737 after Iran refused to comply with
United Nations Security Council Resolution 1696
United Nations Security Council Resolution 1696, adopted on July 31, 2006, after expressing concern at the intentions of the nuclear programme of Iran, the Council demanded that Iran halt its uranium enrichment programme.
Resolution 1696 was ado ...
, which demanded that Iran halt its
uranium enrichment program. Initially, U.S. sanctions targeted investments in
oil, gas, and petrochemicals, exports of refined petroleum products, and business dealings with the
Islamic Revolutionary Guard Corps
The Islamic Revolutionary Guard Corps (IRGC; fa, سپاه پاسداران انقلاب اسلامی, Sepāh-e Pāsdārān-e Enghelāb-e Eslāmi, lit=Army of Guardians of the Islamic Revolution also Sepāh or Pasdaran for short) is a branch o ...
(IRGC). It encompassed
banking and insurance transactions (including with the
Central Bank of Iran
The Central Bank of Iran (CBI), also known as ''Bank Markazi'', officially the Central Bank of the Islamic Republic of Iran ( fa, بانک مرکزی جمهوری اسلامی ايران, Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān; SWIFT Code: B ...
),
shipping
Freight transport, also referred as ''Freight Forwarding'', is the physical process of transporting Commodity, commodities and merchandise goods and cargo. The term shipping originally referred to transport by sea but in American English, it h ...
,
web-hosting
A web hosting service is a type of Internet hosting service that hosts websites for clients, i.e. it offers the facilities required for them to create and maintain a site and makes it accessible on the World Wide Web. Companies providing web h ...
services for commercial endeavors, and
domain name registration services. Subsequent UN Resolutions have expanded sanctions against Iran.
Over the years, sanctions have taken a serious toll on Iran's economy and people. Since 1979, the United States has led international efforts to use sanctions to influence Iran's policies, including Iran's uranium enrichment program, which Western governments fear is intended for developing the capability to produce
nuclear weapon
A nuclear weapon is an explosive device that derives its destructive force from nuclear reactions, either fission (fission bomb) or a combination of fission and fusion reactions ( thermonuclear bomb), producing a nuclear explosion. Both bom ...
s. Iran counters that its nuclear program is for civilian purposes, including generating electricity and medical purposes.
When nuclear talks between Iran and Western governments were stalled and seen as a failure,
U.S. senators
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States.
The composition and power ...
cited them as a reason to enforce stronger economic sanctions on Iran. On 2 April 2015, the
P5+1 and Iran, meeting in
Lausanne
, neighboring_municipalities= Bottens, Bretigny-sur-Morrens, Chavannes-près-Renens, Cheseaux-sur-Lausanne, Crissier, Cugy, Écublens, Épalinges, Évian-les-Bains (FR-74), Froideville, Jouxtens-Mézery, Le Mont-sur-Lausanne, Lugrin (FR-74), ...
, Switzerland, reached a provisional agreement on a
framework
A framework is a generic term commonly referring to an essential supporting structure which other things are built on top of.
Framework may refer to:
Computing
* Application framework, used to implement the structure of an application for an op ...
that, once finalized and implemented, would lift most of the sanctions in exchange for limits on Iran's nuclear programs extending for at least ten years. The final agreement, the
Joint Comprehensive Plan of Action
The Joint Comprehensive Plan of Action (JCPOA; fa, برنامه جامع اقدام مشترک , barnāmeye jāme'e eqdāme moshtarak (, ''BARJAM'')), commonly known as the Iran nuclear deal or Iran deal, is an agreement on the Iranian nuclear ...
, was adopted on 18 October 2015. As a result, UN sanctions were lifted on 16 January 2016. On 8 May 2018,
U.S. President
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States ...
Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the Wharton School of the University of Pe ...
announced that the United States would
withdraw from the Iran nuclear deal. Sanctions by the United States were reinstated in November 2018, and expanded in 2019 and 2020 to cover Iran's financial sector. Temporary waivers were granted to some countries to continue importing reduced amounts of oil from Iran until 2019.
On 21 February 2020, Iran was placed on the
FATF blacklist
The Financial Action Task Force blacklist (often abbreviated to FATF blacklist, and officially known as the "Call for action"), .
The UN arms embargo on Iran expired on 18 October 2020, as agreed in
Iran's 2015 nuclear deal, allowing Iran to import foreign military equipment.
Sanctions of 1979
The
United States sanctions against Iran were imposed in November 1979 after
radical students seized the American Embassy in Tehran and took hostages. The sanctions were imposed by
Executive Order 12170
Executive Order 12170 was issued by American president Jimmy Carter on November 14, 1979, ten days after the Iran hostage crisis had started. The executive order, empowered under the International Emergency Economic Powers Act, ordered the freezi ...
, which included freezing about $8.1 billion in Iranian assets, including bank deposits, gold and other properties, and a
trade embargo
Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual. Economic sanctions are not necessarily imposed because of economic circumstances—they may ...
. The sanctions were lifted in January 1981 as part of the
Algiers Accords, which was a
negotiated settlement of the hostages’ release.
US sanctions since 1984
While the
Iran–Iraq War
The Iran–Iraq War was an armed conflict between Iran and Iraq that lasted from September 1980 to August 1988. It began with the Iraqi invasion of Iran and lasted for almost eight years, until the acceptance of United Nations Security Council ...
, which began in September 1980, was in progress, in 1984, United States sanctions prohibited weapon sales and all U.S. assistance to Iran.
In 1995, in response to the
Iranian nuclear program and Iranian
support of terrorist organisations,
Hezbollah
Hezbollah (; ar, حزب الله ', , also transliterated Hizbullah or Hizballah, among others) is a Lebanese Shia Islamist political party and militant group, led by its Secretary-General Hassan Nasrallah since 1992. Hezbollah's parami ...
,
Hamas
Hamas (, ; , ; an acronym of , "Islamic Resistance Movement") is a Palestinian Sunni-Islamic fundamentalist, militant, and nationalist organization. It has a social service wing, Dawah, and a military wing, the Izz ad-Din al-Qassam Bri ...
, and
Palestine Islamic Jihad
The Islamic Jihad Movement in Palestine ( ar, حركة الجهاد الإسلامي في فلسطين, ''Harakat al-Jihād al-Islāmi fi Filastīn''), known in the West simply as Palestinian Islamic Jihad (PIJ), is a Palestinian Islamist par ...
,
President
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
Bill Clinton
William Jefferson Clinton ( né Blythe III; born August 19, 1946) is an American politician who served as the 42nd president of the United States from 1993 to 2001. He previously served as governor of Arkansas from 1979 to 1981 and agai ...
issued several
executive orders
''Executive Orders'' is a techno-thriller novel, written by Tom Clancy and released on July 1, 1996. It picks up immediately where the final events of ''Debt of Honor'' (1994) left off, and features now-U.S. President Jack Ryan as he tries to d ...
with respect to Iran.
Executive Order 12957
Executive ( exe., exec., execu.) may refer to:
Role or title
* Executive, a senior management role in an organization
** Chief executive officer (CEO), one of the highest-ranking corporate officers (executives) or administrators
** Executive dir ...
of 15 March 1995, banned U.S. investment in Iran's energy sector, and
Executive Order 12959
Executive ( exe., exec., execu.) may refer to:
Role or title
* Executive, a senior management role in an organization
** Chief executive officer (CEO), one of the highest-ranking corporate officers (executives) or administrators
** Executive dir ...
of 6 May 1995, banned U.S. trade with and
investment
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing i ...
in Iran.
The
Iran and Libya Sanctions Act
The Iran and Libya Sanctions Act of 1996 (ILSA) was a 1996 act of the United States Congress that imposed economic sanctions on firms doing business with Iran and Libya. On September 20, 2004, the President signed an Executive Order to terminate ...
(ILSA) was signed on 5 August 1996 (H.R. 3107, P.L. 104–172).
(ILSA was renamed in 2006 the Iran Sanctions Act (ISA) when the sanctions against Libya were terminated.
[) On 31 July 2013, members of the ]United States House of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the Lower house, lower chamber of the United States Congress, with the United States Senate, Senate being ...
voted 400 to 20 in favor of toughened sanctions.
On 8 May 2018, U.S. President
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States ...
Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the Wharton School of the University of Pe ...
announced that the United States would withdraw from the Iran nuclear deal. Following the U.S. withdrawal, the EU enacted an updated blocking statute A blocking statute is a law of one jurisdiction intended to hinder application there of a law made by a foreign jurisdiction. A blocking statute was proposed by the European Union in 1996 to nullify a US trade embargo on Cuba and sanctions related ...
on 7 August 2018 to nullify US sanctions on countries trading with Iran.
The fourth set of sanctions by the United States came into effect in November 2018; the White House
The White House is the official residence and workplace of the president of the United States. It is located at 1600 Pennsylvania Avenue NW in Washington, D.C., and has been the residence of every U.S. president since John Adams in 1800. ...
said that the purpose of the sanctions was not regime change, but to make Iran to change its regional policies, stop its support for regional militant groups and end its ballistic missile programme. In September 2019, a U.S. official stated that the United States will sanction whoever deals with Iran or purchases its oil. Also in September 2019, in response to a suspected Iranian attack on key Saudi Arabian oil facilities, Trump said that he directed the Treasury Department to "substantially increase" sanctions on Iran. The new sanctions targeted the Iranian national bank. A Senior Trump Administration official said the new sanctions targeted the financial assets of the Supreme leader's inner circle. However, according to the New York Times, Tehran has disclaimed playing any part in the attacks that affected the Saudi oil facilities.
On 25 August 2020, the United Nations Security Council blocked the effort of the US to re-impose snapback sanctions on Iran. The President of the UN Security Council
The presidency of the United Nations Security Council is responsible for leading the United Nations Security Council. It rotates among the 15 member-states of the council monthly. The head of the country's delegation is known as the President of t ...
, Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
's ambassador Dian Triansyah Djani, stated he is "not in a position to take further action" on US's request, citing a lack of consensus in the Security Council on the US strategy as the main reason.
On 20 September 2020, the US asserted that UN sanctions against Iran were back in place, a claim that was rejected by Iran and the other remaining parties to the JCPOA. The next day, the United States imposed sanctions on Iranian defence officials, nuclear scientists, the Atomic Energy Agency of Iran and anyone who engaged in conventional arms deals with Iran. On 8 October 2020, the US imposed further sanctions on Iran's financial sector, targeting 18 Iranian banks.
UN sanctions against Iran
The UN Security Council passed a number of resolutions imposing sanctions on Iran, following the report by the International Atomic Energy Agency
The International Atomic Energy Agency (IAEA) is an intergovernmental organization that seeks to promote the peaceful use of nuclear energy and to inhibit its use for any military purpose, including nuclear weapons. It was established in 1957 ...
Board of Governors regarding Iran's non-compliance with its safeguards agreement and the Board's finding that Iran's nuclear activities raised questions within the competency of the Security Council. Sanctions were first imposed when Iran rejected the Security Council's demand that Iran suspend all enrichment-related and reprocessing activities. Sanctions will be lifted when Iran meets those demands and fulfills the requirements of the IAEA Board of Governors. Most UN sanctions were lifted on 16 January 2016, following the Joint Comprehensive Plan of Action.
* United Nations Security Council Resolution 1696
United Nations Security Council Resolution 1696, adopted on July 31, 2006, after expressing concern at the intentions of the nuclear programme of Iran, the Council demanded that Iran halt its uranium enrichment programme.
Resolution 1696 was ado ...
– passed on 31 July 2006. Demanded that Iran suspend all enrichment-related and reprocessing activities and threatened sanctions.
* United Nations Security Council Resolution 1737 – passed on 23 December 2006 in response to the proliferation risks presented by the Iranian nuclear program and, in this context, by Iran's continuing failure to meet the requirements of the International Atomic Energy Agency Board of Governors and to comply with the provisions of Security Council resolution 1696 (2006). Made mandatory for Iran to suspend enrichment-related and reprocessing activities and cooperate with the IAEA, imposed sanctions banning the supply of nuclear-related materials and technology, and froze the assets of key individuals and companies related to the program.
* United Nations Security Council Resolution 1747
United Nations Security Council Resolution 1747 was a United Nations Security Council resolution, written with reference to some IAEA reports, that tightened the sanctions imposed on Iran in connection with the Iranian nuclear program. It was ...
– passed on 24 March 2007. Imposed an arms embargo and expanded the freeze on Iranian assets.
* United Nations Security Council Resolution 1803
UN Security Council Resolution 1803 was adopted on March 3, 2008, by a vote of 14-0-1, with Indonesia as the only abstention. The Security Council of the United Nations, acting pursuant to Article 41 of Chapter VII of the UN Charter, required I ...
– passed on 3 March 2008. Extended the asset freezes and called upon states to monitor the activities of Iranian banks, inspect Iranian ships and aircraft, and to monitor the movement of individuals involved with the program through their territory.
* United Nations Security Council Resolution 1835
UN Security Council Resolution 1835 was adopted unanimously by United Nations United Nations Security Council, Security Council on 27 September 2008. The resolution was in response to 15 September report of the International Atomic Energy Agency ...
– Passed in 2008.
* United Nations Security Council Resolution 1929
United Nations Security Council Resolution 1929, adopted on 9 June 2010, after recalling resolutions 1696 (2006), 1737 (2006), 1747 (2007), 1803 (2008), 1835 (2008) and 1887 (2009) concerning the topics of Iran and non-proliferation, the Counc ...
– passed on 9 June 2010. Banned Iran from participating in any activities related to ballistic missile
A ballistic missile is a type of missile that uses projectile motion to deliver warheads on a target. These weapons are guided only during relatively brief periods—most of the flight is unpowered. Short-range ballistic missiles stay within the ...
s, tightened the arms embargo, travel bans on individuals involved with the program, froze the funds and assets of the Iranian Revolutionary Guard and Islamic Republic of Iran Shipping Lines, and recommended that states inspect Iranian cargo, prohibit the servicing of Iranian vessels involved in prohibited activities, prevent the provision of financial services used for sensitive nuclear activities, closely watch Iranian individuals and entities when dealing with them, prohibit the opening of Iranian banks on their territory and prevent Iranian banks from entering into a relationship with their banks if it might contribute to the nuclear program, and prevent financial institutions operating in their territory from opening offices and accounts in Iran.
* United Nations Security Council Resolution 1984
United Nations Security Council Resolution 1984, adopted on June 9, 2011, after recalling resolutions 1696 (2006), 1737 (2006), 1747 (2007), 1803 (2008), 1835 (2008), 1887 (2009) and 1929 (2010) concerning Iran and non-proliferation, the Council ...
– passed on 9 June 2011. This resolution extended the mandate of the panel of experts that supports the Iran Sanctions Committee for one year.
* United Nations Security Council Resolution 2049
United Nations Security Council Resolution 2049 was unanimously adopted on 7 June 2012.
See also
*List of United Nations Security Council Resolutions 2001 to 2100
This is a list of United Nations Security Council Resolutions 2001 to 2100 adop ...
– passed on 7 June 2012. Renewed the mandate of the Iran Sanctions Committee's Panel of Experts for 13 months.
* United Nations Security Council Resolution 2231
United Nations Security Council Resolution 2231 was a 20 July 2015 resolution endorsing the Joint Comprehensive Plan of Action on the nuclear program of Iran. It sets out an inspection process and schedule while also preparing for the removal of U ...
– passed on 20 July 2015. Sets out a schedule for suspending and eventually lifting UN sanctions, with provisions to reimpose UN sanctions in case of non-performance by Iran, in accordance with the Joint Comprehensive Plan of Action
The Joint Comprehensive Plan of Action (JCPOA; fa, برنامه جامع اقدام مشترک , barnāmeye jāme'e eqdāme moshtarak (, ''BARJAM'')), commonly known as the Iran nuclear deal or Iran deal, is an agreement on the Iranian nuclear ...
.
The UN sanctions against Iran do not include oil exports from Iran. As of 2019, an estimated one third of all oil traded at sea passes through the Strait of Hormuz
The Strait of Hormuz ( fa, تنگه هرمز ''Tangeh-ye Hormoz'' ar, مَضيق هُرمُز ''Maḍīq Hurmuz'') is a strait between the Persian Gulf and the Gulf of Oman. It provides the only sea passage from the Persian Gulf to the ...
. In August 2018, EU High Representative Mogherini, speaking at a briefing with New Zealand's Foreign Minister Winston Peters, challenged U.S. sanctions on Iran, stating that the EU are encouraging small and medium size enterprises in particular to increase business with and in Iran as part of something that is for the EU a "Security Priority".
In September 2019, the US government announced, unilaterally, that it would begin to sanction certain Chinese entities that imported oil from Iran.
On 14 August 2020, the United Nations Security Council
The United Nations Security Council (UNSC) is one of the Organs of the United Nations, six principal organs of the United Nations (UN) and is charged with ensuring international security, international peace and security, recommending the admi ...
rejected a resolution proposed by the United States to extend the global arms embargo on Iran, which was set to expire on 18 October 2020. The Dominican Republic joined the United States in voting for the resolution, short of the minimum nine "yes" votes required for adoption. Eleven members of the Security Council, including France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
, Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...
, and the United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
, abstained while Russia
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
and China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
voted against the resolution.
Speaking about the US desire to restore UN sanctions against Iran and extend an embargo to arms sales to the country in 2020, US Ambassador to the United Nations Kelly Craft
Kelly Dawn Craft (; born February 24, 1962) is an American businesswoman, political donor, politician, and former diplomat who served as the United States ambassador to the United Nations from 2019 to 2021. Craft previously served as the United ...
said: "History is replete of tragedies of appeasing regimes such as this one, that for decades have kept its own people under its thumb. The Trump administration has no fear in standing in limited company on this matter, in light of the unmistakable truth guiding our actions. I only regret that other members of this ecurity Councilhave lost their way, and now find themselves standing in the company of terrorists." She also wrote a September 20, 2020, letter to the President of the UN Security Council, pressing her point on sanctions. Speaking at the US State Department in September 2020, she said: "As we have in the past, we will stand alone to protect peace and security at all times. We don’t need a cheering section to validate our moral compass."
Under the terms agreed in the Iran nuclear deal framework, the UN arms embargo expired on 18 October 2020, following which Iran was permitted to purchase foreign weapons and military equipment. A U.S. attempt to extend UN sanctions against Iran under a JCPoA "snapback" provision was opposed by 13 Security Council members, who argued that the U.S. left the agreement with Iran in 2018.
EU sanctions against Iran
EU–Iran relations have been strained in the early 2010s by the dispute over the Iranian nuclear program. The European Union along with United States have imposed sanctions against Iran over the controversies around Iranian nuclear program. These sanctions which have been described as the toughest EU sanctions imposed against any other country by European officials were last strengthened on 15 October 2012 within by the EU Council.
On 23 January 2012, the Council of the European Union released a report in which it restated its concerns about the growth and nature of Iran's nuclear programme. As a result, the Council announced that it would levy an embargo on Iranian oil exports. Further, it stated that it would also freeze assets held by the Central Bank of Iran
The Central Bank of Iran (CBI), also known as ''Bank Markazi'', officially the Central Bank of the Islamic Republic of Iran ( fa, بانک مرکزی جمهوری اسلامی ايران, Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān; SWIFT Code: B ...
and forestall the trading of precious metals and petrochemicals to and from the country. This replaces and updates the previous Council Regulation 423/2007 that was published on 27 July 2010. The new sanctions put restrictions on foreign trade, financial services, energy sectors and technologies and includes a ban on the provision of insurance and reinsurance by EU insurers to the State of Iran and Iranian owned companies.
Iran has since declared its intentions to close the Strait of Hormuz
The Strait of Hormuz ( fa, تنگه هرمز ''Tangeh-ye Hormoz'' ar, مَضيق هُرمُز ''Maḍīq Hurmuz'') is a strait between the Persian Gulf and the Gulf of Oman. It provides the only sea passage from the Persian Gulf to the ...
should the embargo be enacted. At the time, the European Union accounted for 20% of Iran's oil exports, with the majority of the remaining being exported to Asian countries such as China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
, Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
, India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, and South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
.
Current oil contracts will be allowed to run until July 2012.
In response to the sanctions, Ramin Mehmanparast, representative for Iran's foreign ministry, stated that the embargo would not significantly affect Iranian oil revenues. He further said that "any country that deprives itself from Iran's energy market, will soon see that it has been replaced by others."
In addition, Iran's parliament is considering a law that would pre-empt the EU ban by cutting off shipments to Europe immediately, before European countries can arrange alternate supplies.
On 12 April 2021, the European Union sanctioned eight Iranian militia commanders and security officials over human right abuses.
SWIFT sanctions
On 17 March 2012, following agreement two days earlier between all 27 member states of the Council of the European Union
The Council of the European Union, often referred to in the treaties and other official documents simply as the Council, and informally known as the Council of Ministers, is the third of the seven Institutions of the European Union (EU) as ...
, and the Council's subsequent ruling, the SWIFT electronic banking network, the world hub of electronic financial transactions, disconnected all Iranian banks from its international network that had been identified as institutions in breach of current EU sanctions, and that further Iranian financial institutions could be disconnected from its network.
Non-UN-mandated sanctions against Iran
The European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
has imposed restrictions on cooperation with Iran in foreign trade, financial services, energy sectors and technologies, and banned the provision of insurance and reinsurance by insurers in member states to Iran and Iranian-owned companies. On 23 January 2012, the EU agreed to an oil embargo on Iran, effective from July, and to freeze the assets of Iran's central bank. The next month, Iran symbolically pre-empted the embargo by ceasing sales to Britain and France (both countries had already almost eliminated their reliance on Iranian oil, and Europe as a whole had nearly halved its Iranian imports), though some Iranian politicians called for an immediate sales halt to all EU states, so as to hurt countries like Greece, Spain and Italy who were yet to find alternative sources.
On 17 March 2012, all Iranian banks identified as institutions in breach of EU sanctions were disconnected from the SWIFT, the world's hub of electronic financial transactions.
On 10 November 2018 Gottfried Leibbrandt, chief executive of SWIFT said in Belgium
Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to th ...
that some banks in Iran would be disconnected from this financial messaging service.
One side effect of the sanctions is that the global shipping insurers based in London are unable to provide cover for items as far afield as Japanese shipments of Iranian liquefied petroleum gas
Liquefied petroleum gas (LPG or LP gas) is a fuel gas which contains a flammable mixture of hydrocarbon gases, specifically propane, propylene, butylene, isobutane and n-butane.
LPG is used as a fuel gas in heating appliances, cooking e ...
to South Korea.
* Beijing has tried to accommodate US concerns about Iran. It has not developed trade and investment positions there as rapidly as it might have, and has shifted some Iran-related transactional flows into Renminbi
The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022. ...
to help the Obama administration avoid sanctioning Chinese banks (similarly, India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
now pays for some Iranian oil imports in rupees
Rupee is the common name for the currencies of
India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
).
* Australia has imposed financial sanctions and travel bans on individuals and entities involved in Iran's nuclear and missile programs or assist Iran in violating sanctions, and an arms embargo.
* Canada imposed a ban on dealing in the property of designated Iranian nationals, a complete arms embargo, oil-refining equipment, items that could contribute to the Iranian nuclear program, the establishment of an Iranian financial institution, branch, subsidiary, or office in Canada or a Canadian one in Iran, investment in the Iranian oil and gas sector, relationships with Iranian banks, purchasing debt from the Iranian government, or providing a ship or services to Islamic Republic of Iran Shipping Lines, but allows the Foreign Minister to issue a permit to carry out a specified prohibited activity or transaction.
* India enacted a ban on the export of all items, materials, equipment, goods, and technology that could contribute to Iran's nuclear program. In 2012, the country said it was against expanding its sanctions. India imports 12 percent of its oil from Iran and cannot do without it, and the country planned to send a "huge delegation" to Iran in mid-March 2012 to further bilateral economic ties. In July 2012, India has not approved the necessary insurance for Iranian ships hit by U.S. sanctions, effectively barring them from entering Indian waters.
* Israel
Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...
banned business with or unauthorized travel to Iran under a law banning ties with enemy states. Israel has also enacted legislation that penalizes any companies that violate international sanctions. Following reports of covert Israeli-Iranian trade and after the US sanctioned an Israeli company for ties with Iran, Israel imposed a series of administrative and regulatory measures to prevent Israeli companies from trading with Iran, and announced the establishment of a national directorate to implement the sanctions.
* Japan imposed a ban on transactions with some Iranian banks, investments with the Iranian energy sector, and asset freezes against individuals and entities involved with Iran's nuclear program. In January 2012, the second-biggest customer for Iranian oil announced it would take "concrete steps" to reduce its 10% oil dependency on Iran.
* South Korea imposed sanctions on 126 Iranian individuals and companies. Japan and South Korea together account for 26% of Iran's oil exports.
* Switzerland
). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...
banned the sale of arms and dual-use items to Iran, and of products that could be used in the Iranian oil and gas sector, financing this sector, and restrictions on financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
.
* The United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
has imposed an arms ban and an almost total economic embargo on Iran, which includes sanctions on companies doing business with Iran, a ban on all Iranian-origin imports, sanctions on Iranian financial institutions, and an almost total ban on selling aircraft or repair parts to Iranian aviation companies. A license from the Treasury Department is required to do business with Iran. In June 2011, the United States imposed sanctions against Iran Air
The National Airline of Iran ( fa, هواپیمايی ملی ایران, Havâpeymâyi-ye Melli-ye Irân), branded as Iran Air, is the flag carrier of Iran, which is headquartered at Mehrabad Airport in Tehran. As of 2018, it operates scheduled ...
and Tidewater Middle East Co.
Tidewater Middle East Co. ( fa, شرکت تایدواتر خاورمیانه, ''Shirkat-e Taidvater Xavârmiyanh'') is a major port operator in Iran. In June 2011, the U.S. Department of Treasury sanctioned Tidewater for its alleged ownership by ...
(which runs seven Iranian ports), stating that Iran Air had provided material support to the Islamic Revolutionary Guard Corps
The Islamic Revolutionary Guard Corps (IRGC; fa, سپاه پاسداران انقلاب اسلامی, Sepāh-e Pāsdārān-e Enghelāb-e Eslāmi, lit=Army of Guardians of the Islamic Revolution also Sepāh or Pasdaran for short) is a branch o ...
(IRGC), which is already subject to UN sanctions, that Tidewater Middle East is owned by the IRGC, and that both have been involved in activities including illegal weapons transportation. The U.S. has also begun to designate a number of senior Iranian officials under the Iranian Human Rights Abuses Sanctions Regulations. On 14 December 2011, the U.S. Department of Treasury designated Hassan Firouzabadi and Abdollah Araqi under this sanctions program.[OFAC Targets Two Iranians for SDN Designations](_blank)
Sanction Law, 14 December 2011 In February 2012 the US froze all property of the Central Bank of Iran and other Iranian financial institutions, as well as that of the Iranian government, within the United States. The American view is that sanctions should target Iran's energy sector that provides about 80% of government revenues, and try to isolate Iran from the international financial system. On 6 February 2013 the United States government blacklisted major Iranian electronics producers, Internet policing agencies, and the state broadcasting authority, in an effort to lessen restrictions of access to information for the general public. The sanctions were imposed to target the Islamic Republic of Iran Broadcasting, which is responsible for broadcast policy in Iran and oversees the production of Iranian television and radio channels. Also targeted were the "Iranian Cyber Police" and the "Communications Regulatory Authority" which the Treasury Department describes as authorities created three years ago to filter Web sites and monitor Internet behavior while blocking Web sites deemed objectionable by the Iranian government. Currently, under American sanctions laws, any United States property held by blacklisted companies and individuals is impounded, and such companies are prohibited from engaging in any transactions with American citizens. In January 2015, the U.S. Senate Banking Committee advanced "a bill that would toughen sanctions on Iran if international negotiators fail to reach an agreement on Tehran's nuclear program by the end of June." On 5 November 2018, the United States government reinstated all sanctions against Iran. These sanctions had been previously lifted in accordance to the Joint Comprehensive Plan of Action. On 24 June 2019 the Trump Administration announced further sanctions on Iran in response to a downing of a U.S. drone.
* On 16 April 2019, a day after United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
designated Iran's Islamic Revolutionary Guards Corps
The Islamic Revolutionary Guard Corps (IRGC; fa, سپاه پاسداران انقلاب اسلامی, Sepāh-e Pāsdārān-e Enghelāb-e Eslāmi, lit=Army of Guardians of the Islamic Revolution also Sepāh or Pasdaran for short) is a branch o ...
(IRGC) as a Foreign Terrorist Organizations
Foreign Terrorist Organization (FTO) is a designation for non-United States-based organizations deemed by the United States Secretary of State, in accordance with section 219 of the Immigration and Nationality Act of 1965 (INA), to be involved ...
, the social media platform Instagram blocked the accounts of the IRGC, the Quds Force, its commander Qasem Soleimani
Qasem Soleimani ( fa, قاسم سلیمانی, ; 11 March 19573January 2020) was an Iranian military officer who served in the Islamic Revolutionary Guard Corps (IRGC). From 1998 until his assassination in 2020, he was the commander of the Quds F ...
, and three other IRGC commanders.
Reasons for sanctions
In 2012, the U.S. Department of State stated:
The website of the U.K. government states:
On 16 October 2012, the EU adopted a further set of restrictive measures against Iran as announced in Council Decision 2012/635/CFSP. These measures are targeted at Iran’s nuclear and ballistic programmes and the revenues made from these programmes by the Iranian government.
In response to the deteriorating human rights situation in Iran, the EU has also adopted Council Regulation (EU) No 359/2011 of 12 April 2011. This regulation has been amended by Council Regulation (EU) No 264/2012, which includes the Annex III list of equipment that might be used for internal repression and related services (e.g. financial, technical, brokering) and internet monitoring and telecommunications equipment and related services.
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, in answering "Why are there sanctions?" wrote in 2015:
:Since Iran's nuclear programme became public in 2002, the International Atomic Energy Agency (IAEA) has been unable to confirm Tehran's assertions that its nuclear activities are exclusively for peaceful purposes and that it has not sought to develop nuclear weapons....
:The United Nations Security Council has adopted six resolutions since 2006 requiring Iran to stop enriching uranium - which can be used for civilian purposes, but also to build nuclear bombs - and co-operate with the IAEA. Four resolutions have included progressively expansive sanctions to persuade Tehran to comply. The US and EU have imposed additional sanctions on Iranian oil exports and banks since 2012.
In November 2011 the IAEA reported "serious concerns regarding possible military dimensions to Iran's nuclear programme" and indications that "some activities may still be ongoing."
The United States said the sanctions were not made to topple the Iranian government, but convince it to change several of its policies.
Legal challenges to the sanctions
The European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
's General Court overturned EU sanctions against two of Iran's biggest banks (Bank Saderat
Bank Saderat Iran (BSI) ( fa, بانک صادرات ایران, ''Bank Sadârat Iran'', lit. "Export Bank of Iran") is an Iranian multinational banking and financial services company headquartered in Tehran, Iran. It is Iran's largest bank. It ...
& Bank Mellat
Bank Mellat ( fa, بانک ملت, ''Bank Milât'', lit. ''People's Bank'') is a private Iranian bank. Its name means "Bank of the Nation". Bank Mellat was established in 1980, with a paid capital of Rials 33.5 billion as a merger of ten pre-revol ...
); the two banks had filed suit with the European court to challenge those sanctions.
Effects
The sanctions bring difficulties to Iran's $483 billion, oil-dominated economy. Data published by the Iranian Central Bank show a declining trend in the share of Iranian exports from oil-products (2006–2007: 84.9%, 2007–2008: 86.5%, 2008–2009: 85.5%, 2009–2010: 79.8%, 2010–2011 (first three quarters): 78.9%). The sanctions have had a substantial adverse effect on the Iranian nuclear program by making it harder to acquire specialized materials and equipment needed for the program. The social and economic effects of sanctions have also been severe, with even those who doubt their efficacy, such as John Bolton, describing the EU sanctions, in particular, as "tough, even brutal." Iranian foreign minister Ali Akhbar Salehi conceded that the sanctions are having an impact. China has become Iran's largest remaining trading partner.
Sanctions have reduced Iran's access to products needed for the oil and energy sectors, have prompted many oil companies to withdraw from Iran, and have also caused a decline in oil production due to reduced access to technologies needed to improve their efficiency.According to Undersecretary of State William J. Burns
William John Burns (October 19, 1861 – April 14, 1932) was an American private investigator and law enforcement official. He was known as "America's Sherlock Holmes" and earned fame for having conducted private investigations into a number of ...
, Iran may be annually losing as much as $60 billion in energy investment. Many international companies have also been reluctant to do business with Iran for fear of losing access to larger Western markets. aseem, M(2017) International Energy LawAs well as restricting export markets, the sanctions have reduced Iran's oil income by increasing the costs of repatriating revenues in complicated ways that sidestep the sanctions; Iranian analysts estimate the budget deficit for the 2011–2012 fiscal year, which in Iran ends in late March, at between $30bn to $50bn. The effects of U.S. sanctions include expensive basic goods for Iranian citizens, and an aging and increasingly unsafe civil aircraft fleet. According to the Arms Control Association
The Arms Control Association is a United States-based nonpartisan membership organization founded in 1971, with the self-stated mission of "promoting public understanding of and support for effective arms control policies."
The group publishes th ...
, the international arms embargo against Iran is slowly reducing Iran's military capabilities, largely due to its dependence on Russian and Chinese military assistance. The only substitute is to find compensatory measures requiring more time and money, and which are less effective. According to at least one analyst (Fareed Zakaria), the market for imports in Iran is dominated by state enterprises and state-friendly enterprises, because the way to get around the sanctions is smuggling, and smuggling requires strong connections with the government. This has weakened Iranian civil society and strengthened the state.
The value of the Iranian rial
The rial ( fa, ریال ایران, riyâl-è Irân; sign: ﷼; abbreviation: Rl (singular) and Rls (plural) or IR in Latin; ISO code: IRR) is the official currency of Iran.
There is no official symbol for the currency but the Iranian standar ...
has plunged since autumn 2011, it is reported to have devalued up to 80%, falling 10% immediately after the imposition of the EU oil embargo since early October 2012, causing widespread panic among the Iranian public. In January 2012, the country raised the interest rate on bank deposits by up to 6 percentage points in order to curtail the rial's depreciation. The rate increase was a setback for Ahmadinejad, who had been using below-inflation rates to provide cheap loans to the poor, though naturally Iranian bankers were delighted by the increase. Not long after, and just a few days after Iran's economic minister declared that "there was no economic justification" for devaluing the currency because Iran's foreign exchange reserves were "not only good, but the extra oil revenues are unprecedented," the country announced its intention to devalue by about 8.5 percent against the U.S. dollar, set a new exchange rate and vowed to reduce the black market's influence (presumably booming because of the lack of confidence in the rial). The Iranian Central Bank desperately tried to keep the value of the rial afloat in the midst of the late 2012 decline by pumping petrodollars into the system to allow the rial to compete against the US dollar. Efforts to control inflation rates were set forth by the government through a three-tiered-multiple-exchange-rate; this effect has failed to prevent the rise in cost of basic goods, simultaneously adding to the public's reliance on the Iranian black-market exchange rate network. Government officials attempted to stifle the black-market by offering rates 2% below the alleged black-market rates, but demand seems to be outweighing their efforts.
Sanctions tightened further when major supertanker companies said they would stop loading Iranian cargo. Prior attempts to reduce Iran's oil income failed because many vessels are often managed by companies outside the United States and the EU; however, EU actions in January extended the ban to ship insurance. This insurance ban will affect 95 percent of the tanker fleet because their insurance falls under rules governed by European law. "It's the insurance that's completed the ban on trading with Iran," commented one veteran shipbroker. This completion of the trading ban left Iran struggling to find a buyer for nearly a quarter of its annual oil exports.
Another effect of the sanctions, in the form of Iran's retaliatory threat to close the Strait of Hormuz
The Strait of Hormuz ( fa, تنگه هرمز ''Tangeh-ye Hormoz'' ar, مَضيق هُرمُز ''Maḍīq Hurmuz'') is a strait between the Persian Gulf and the Gulf of Oman. It provides the only sea passage from the Persian Gulf to the ...
, has led to Iraqi plans to open export routes for its crude via Syria, though Iraq's deputy prime minister for energy affairs doubted Iran would ever attempt a closure.
After Iranian banks blacklisted by the EU were disconnected from the SWIFT banking network, then Israeli Finance Minister Yuval Steinitz
Yuval Steinitz ( he, יוּבַל שְׁטַיְינִיץ; born 10 April 1958) is an Israeli politician who currently serves as a member of the Knesset for the Likud party. He also held several ministerial posts, including Minister of Finance, ...
stated that Iran would now find it more difficult to export oil and import products. According to Steinitz, Iran would be forced to accept only cash or gold, which is impossible when dealing with billions of dollars. Steinitz told the Israeli cabinet
The Cabinet of Israel (officially: he, ממשלת ישראל ''Memshelet Yisrael'') exercises executive authority in the State of Israel. It consists of ministers who are chosen and led by the prime minister. The composition of the governmen ...
that Iran's economy might collapse as a result.
The effects of the sanctions are usually denied in the Iranian press. Iran has also taken measures to circumvent sanctions, notably by using front countries or companies and by using barter trade
In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists distingu ...
. At other times the Iranian government has advocated a "resistance economy" in response to sanctions, such as using more oil internally as export markets dry up and import substitution industrialization of Iran.
In October 2012, Iran began struggling to halt a decline in oil exports which could plummet further due to Western sanctions, and the International Energy Agency
The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organisation, established in 1974, that provides policy recommendations, analysis and data on the entire global energy sector, with a recent focus on curbing carb ...
estimated that Iranian exports fell to a record of 860,000 bpd in September 2012 from 2.2 million bpd at the end of 2011. The results of this fall led to a drop in revenues and clashes on the streets of Tehran when the local currency, the rial Rial, riyal, or RIAL may refer to:
* Rial (surname), a surname (and list of people with the name)
* Royal Institution for the Advancement of Learning, McGill University
* Rial Racing, a former German Formula One team
Various currencies named rial ...
, collapsed. The output in September 2012 was Iran's lowest since 1988.
Iranian Foreign Ministry spokesman Ramin Mehmanparast has said that the sanctions were not just aimed at Iran's nuclear program and would continue even if the nuclear dispute was resolved.
In 2018, as a response to US visa restrictions for those who have visited Iran after 2011, Iran ceased affixing visas in passports and stamping passports on entry of foreigners from most countries.
"Resistance economy"
In the face of increased economic pressure from the United States and Europe and a marked decrease of oil exports, Iran has sought to manage the impact of international sanctions and limit capital outflows by seeking to build a "resistance economy
A resistance economy, also known as a resistive economy ( fa, اقتصاد مقاومتی) is an economy that tries to circumvent International sanctions, sanctions imposed on the country or region. This can involve increasing resilience by substi ...
," replacing imports with domestic goods and banning luxury imports such as computers and mobile phones. This is predicted to lead to an increase in smuggling, as "people will find a way to smuggle in what the Iranian consumer wants." In 2012, Iran attempted to sell more crude to Chinese and Indian refiners, but China—the single-largest buyer of Iranian crude—has been curtailing its oil imports from Iran down to half their former level.
On 20 October 2018 Association of German Banks stated that exports from Germany to Iran dropped 4% to 1.8 billion Euros since January.
Iran has intensified industrial cooperation with the Russian Federation
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
to support its petrochemical industry, despite sanctions. Iran increased the import of Russian natural gas through Azerbaijan
Azerbaijan (, ; az, Azərbaycan ), officially the Republic of Azerbaijan, , also sometimes officially called the Azerbaijan Republic is a transcontinental country located at the boundary of Eastern Europe and Western Asia. It is a part of th ...
, and is expanding the pipeline to Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
and Oman
Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of t ...
. In July 2022, Iran and Gazprom
PJSC Gazprom ( rus, Газпром, , ɡɐzˈprom) is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. As of 2019, with sales over $120 billion, it was ranked as the larges ...
signed a memorandum of understanding worth US$40bn, supporting the development of the Kish Gas Field
Kish gas Field is a giant gas field close to Kish Island in the Persian Gulf.
It is one of the NIOC Recent Discoveries which was discovered in 2006 and holds of gas in place of which is recoverable.
The field also holds at least of condensate ...
, and the North Pars Gas Field
North Pars Gas Field ( fa, میدان گازی پارس شمالی) is one of the biggest independent gas fields of the world. This field which was discovered in 1967 is located some 120 kilometers south east of Bushehr province in water depths o ...
.
In September 2022, after re-negotiations of the JCPOA were stalling, Iran increased its oil exports to China with favorable prices, circumventing economic sanctions. Later that month, the U.S. imposed secondary sanctions on two Chinese entities, and an Indian petrochemical company that illicitly traded with Iranian oil.
Political effects
In 2012, 94 Iranian Parliament
The Islamic Consultative Assembly ( fa, مجلس شورای اسلامی, Majles-e Showrā-ye Eslāmī), also called the Iranian Parliament, the Iranian Majles (Arabicised spelling Majlis) or ICA, is the national legislative body of Iran. The P ...
arians signed a formal request to have Ahmadinejad appear before the Majles (parliament) to answer questions about the currency crisis. The Supreme Leader terminated the parliament's request in order to unify the government in the face of international pressure. Nonetheless, Ahmadinejad has been called to questioning by parliament on a number of occasions, to justify his position on issues concerning domestic politics. His ideologies seem to have alienated a large portion of the parliament, and stand in contrast to the standpoint of the Supreme Leader.
A report by Dr. Kenneth Katzman, for the ''Congressional Research Service
The Congressional Research Service (CRS) is a public policy research institute of the United States Congress. Operating within the Library of Congress, it works primarily and directly for members of Congress and their committees and staff on a c ...
'', listed the following factors as major examples of economic mismanagement on the part of the Iranian government:
* The EU oil embargo and the restrictions on transactions with Iran's Central Bank have dramatically reduced Iran's oil sales – a fact acknowledged by Oil Minister Rostam Qasemi to the Majles on 7 January 2013. He indicated sales had fallen 40% from the average of 2.5 million barrels per day (mbd) in 2011 (see chart above on Iran oil buyers). This is close to the estimates of energy analysts, which put Iran's sales at the end of 2012 in a range of 1 mbd to 1.5 mbd. Reducing Iran's sales further might depend on whether U.S. officials are able to persuade China, in particular, to further cut buys from Iran—and to sustain those cuts.
* Iran has been storing some unsold oil on tankers in the Persian Gulf
The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Persis, Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a Mediterranean sea (oceanography), me ...
, and it is building new storage tanks onshore. Iran has stored excess oil (21 million barrels, according to Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
Global Markets) to try to keep production levels up—shutting down wells risks harming them and it is costly and time-consuming to resume production at a well that has been shut. However, since July 2012, Iran reportedly has been forced to shut down some wells, and overall oil production has fallen to about 2.6 million barrels per day from the level of nearly 4.0 mbd at the end of 2011.
* The oil sales losses Iran is experiencing are likely to produce over $50 billion in hard currency revenue losses in a one-year period at current oil prices. The IMF estimated Iran's hard currency reserves to be $106 billion as of the end of 2011, and some economists say that figure may have fallen to about $80 billion as of November 2012. Analysts at one outside group, the Foundation for Defense of Democracies
The Foundation for Defense of Democracies (FDD) is a 501(c)(3) non-profit think tank and registered lobbying organization based in Washington, D.C., United States.
The group's political leanings have been described as hawkish and neoconservative ...
, believe Iran's hard currency reserves might be exhausted entirely by July 2014 at current rates of depletion. Compounding the loss of oil sales by volume is that many of its oil transactions reportedly are now conducted on a barter basis—or in exchange for gold, which is hard currency but harder to use than cash is. In addition, the 6 February 2013, the imposition of sanctions on Iran's ability to repatriate hard currency could cause the depletion rate to increase.
* On 15 October 2012, Iran said that to try to stretch its hard currency reserve, it would not supply hard currency for purchases of luxury goods such as cars or cellphones (the last 2 of the government's 10 categories of imports, ranked by their importance). The government is still supplying hard currency for essential and other key imports. Importers for essential goods can obtain dollars at the official rate of 12,260 to the dollar, and importers of other key categories of goods can obtain dollars at a new rate of 28,500 to the dollar. The government has also threatened to arrest the unofficial currency traders who sell dollars at less than the rate of about 28,500 to the dollar. The few unofficial traders that remain active are said to be trading at approximately that rate so as not to risk arrest.
* Some Iranians and outside economists worry that hyperinflation might result. The Iranian Central Bank estimated on 9 January 2013 that the inflation rate is about 27%—the highest rate ever acknowledged by the Bank—but many economists believe the actual rate is between 50% and 70%. This has caused Iranian merchants to withhold goods or shut down entirely because they are unable to set accurate prices. Almost all Iranian factories depend on imports and the currency collapse has made it difficult for Iranian manufacturing to operate.
* Beyond the issue of the cost of imported goods, the Treasury Department's designations of affiliates and ships belong to Islamic Republic of Iran Shipping Lines (IRISL) reportedly are harming Iran's ability to ship goods at all, and have further raised the prices of goods to Iranian import-export dealers. Some ships have been impounded by various countries for nonpayment of debts due on them.
* Suggesting Iran's operating budget is already struggling; some reports say the government has fallen behind in its payments to military personnel and other government workers. Others say the government has begun "means testing" in order to reduce social spending payments to some of the less needy families. In late 2012, it also postponed phase two of an effort to wean the population off subsidies, in exchange for cash payments of about $40 per month to 60 million Iranians. Phase one of that program began in December 2010 after several years of debate and delay, and was praised for rationalizing gasoline prices. Gasoline prices now run on a tiered system in which a small increment is available at the subsidized price of about $1.60 per gallon, but amounts above that threshold are available only at a price of about $2.60 per gallon, close to the world price. Before the subsidy phase-out, gasoline was sold for about 40 cents per gallon.
* Press reports indicate that sanctions have caused Iran's production of automobiles to fall by about 40% from 2011 levels. Iran produces cars for the domestic market, such as the Khodro, based on licenses from European automakers such as Renault and Peugeot. The currency collapse has largely overtaken the findings of an IMF forecast, released in October 2012, which Iran would return to economic growth in 2013, after a small decline in 2012. An Economist Intelligence Unit
The Economist Intelligence Unit (EIU) is the research and analysis division of the Economist Group, providing forecasting and advisory services through research and analysis, such as monthly country reports, five-year country economic forecasts, ...
assessment published in late 2012 indicates Iran's Gross Domestic Product
Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...
(GDP) likely contracted about 3% in 2012 and will contract an additional 1.2% in 2013. ("Oil Sanctions on Iran: Cracking Under Pressure.")
* Mitigating some of the effects are that some private funds are going into the Tehran Stock Exchange and hard assets, such as property. However, this trend generally benefits the urban elite.
In late September 2022, when violent unrest erupted in major Iranian cities due to the death of a 22-year-old Kurdish woman in police custody, Iranians had reported of harsh economic conditions due to sanctions, which in part were blamed for the public discontent. Subsequent to the deadly crack-down by Iranian authorities, America and Europe had announced additional sanctions, while partly lifting limitations on communication technologies with Iran. But according to an analysis by Iranian exiles, Trump's "maximum pressure sanctions" had only exacerbated constraints on civil liberties in Iran, and likely contributed to the election of the "hardliner" Ebrahim Raisi. The International Crisis Group
The International Crisis Group (ICG; also known as the Crisis Group) is a transnational non-profit, non-governmental organisation founded in 1995. It is a think tank, used by policymakers and academics, performing research and analysis on global ...
warned that efforts to "deepen Iran's domestic fault lines" were likely to cause the political élite in Iran to "close ranks and bring down the iron fist." Some Western analysts also point out that a weaker Iranian currency makes it harder for struggling citizens to purchase imported goods, disproportionally affecting women and ethnic minorities.
In September 2022, the IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
also concluded in a working paper, "coupled with low economic growth and high unemployment, rising inflation has fueled widespread protests in the country amid a significant erosion in purchasing power." According to an estimate by Iran’s Ministry of Labour and Social Services, the web of Western sanctions has pushed one-third of Iranians into poverty. Conservative Iranian analyst Abdolreza Davari confirmed that economic despair is one of the major factors uniting those who are opposed to the Ebrahim Raisi-led government. The protests themselves were seen as a possible stumbling block to revive re-negotiations for the JCPOA, as more sanctions were imposed on Iranian officials.
Effect on oil price
According to the U.S., Iran could reduce the world price of crude petroleum by 10%, saving the United States annually $76 billion (at the proximate 2008 world oil price of $100/bbl). Opening Iran's market place to foreign investment could also be a boon to competitive U.S. multinational firms operating in a variety of manufacturing and service sectors.
On the other side, according to a 2012 study by former U.S. officials writing for the Bipartisan Policy Center, oil prices "could double" if Iran is permitted to obtain a nuclear weapon. U.S. gross domestic product could fall by about 0.6% in the first year—costing the economy some $90 billion—and by up to 2.5% (or $360 billion) by the third year. This is enough, at 2012 growth rates, to send the U.S. into recession.
In September 2018, Iranian oil minister Bijan Zanganeh warned U.S. President Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the Wharton School of the University of Pe ...
to stop interfering in the Middle East if he wants the oil prices to stop increasing. Zanganeh said, "If he (Trump) wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran’s oil."
In October 2021, Iranian oil minister Javad Owji said if U.S.-led sanctions on Iran's oil and gas industry are lifted, Iran will have every capability to tackle the 2021 global energy crisis The 2021 global energy crisis is an ongoing shortage of energy across the world, affecting countries such as the United Kingdom and China, among others.
Background
In December 2020, after months of restrictions, China fully blocked coal import ...
.
With economic sanctions in place against Iran, energy analysts expect a tight petroleum market well into 2023. In contrast to the United States, European countries would like to see a return of Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...
(and Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in th ...
) to the global oil market to ease inflationary pressures worldwide.
Impact on regional economies
Iran relies on regional economies for conducting private as well as state-sponsored business. In 2018, after the U.S. re-imposed secondary sanctions, the trade relations with neighboring countries, such as Afghanistan
Afghanistan, officially the Islamic Emirate of Afghanistan,; prs, امارت اسلامی افغانستان is a landlocked country located at the crossroads of Central Asia and South Asia. Referred to as the Heart of Asia, it is bordere ...
and Iraq
Iraq,; ku, عێراق, translit=Êraq officially the Republic of Iraq, '; ku, کۆماری عێراق, translit=Komarî Êraq is a country in Western Asia. It is bordered by Turkey to Iraq–Turkey border, the north, Iran to Iran–Iraq ...
, which had increased significantly prior to 2016, took a significant hit.
In November 2019, when financial sanctions were further tightened by the Trump administration
Donald Trump's tenure as the List of presidents of the United States, 45th president of the United States began with Inauguration of Donald Trump, his inauguration on January 20, 2017, and ended on January 20, 2021. Trump, a Republican Party ...
and the Rial Rial, riyal, or RIAL may refer to:
* Rial (surname), a surname (and list of people with the name)
* Royal Institution for the Advancement of Learning, McGill University
* Rial Racing, a former German Formula One team
Various currencies named rial ...
devaluation continued, a subsequent increase in energy prices caused widespread protests and violent confrontations in Tehran and other major cities. The economies of border regions with urban areas, such as Zahedan, felt the most drastic impact as traders had to pay more for imports, e.g. electronic appliances, while at the same time, the export value for manufactured goods, such as Persian rugs, decreased. Iraq's economy was also seriously affected by the continued financial sanctions since Iran is a major exporter of wheat
Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeologi ...
to Iraq, and food prices
Food prices refer to the average price level for food across countries, regions and on a global scale. Food prices have an impact on producers and consumers of food.
Price levels depend on the food production process, including food marketing an ...
increased in Iraq after 2016.
In early May 2020, with the parliamentary election of a new Iraqi prime minister, the U.S. extended Iraq's sanction waiver for the import of refined Iranian fuels and electricity from 30 days to 4 months in order to increase the political and economic stability in the region.
According to the United Nations Special Rapporteur Idriss Jazairy, the reimposition of economic sanctions after the unilateral US withdrawal in 2018 “is destroying the economy and currency of Iran, driving millions of people into poverty and making imported goods unaffordable.” He appealed to the United States and the European Union to ensure that Iranian financial institutions are able to perform payments for essential goods, including foods, medicines and industrial imports. The stressed that "sanctions must not harm the human rights of ordinary citizens."
Humanitarian impact
Pharmaceuticals and medical equipment do not fall under international sanctions, but Iran is facing shortages of drugs for the treatment of 30 illnesses—including cancer
Cancer is a group of diseases involving abnormal cell growth with the potential to invade or spread to other parts of the body. These contrast with benign tumors, which do not spread. Possible signs and symptoms include a lump, abnormal b ...
, heart and breathing problems, thalassemia
Thalassemias are inherited blood disorders characterized by decreased hemoglobin production. Symptoms depend on the type and can vary from none to severe. Often there is mild to severe anemia (low red blood cells or hemoglobin). Anemia can result ...
and multiple sclerosis
Multiple (cerebral) sclerosis (MS), also known as encephalomyelitis disseminata or disseminated sclerosis, is the most common demyelinating disease, in which the insulating covers of nerve cells in the brain and spinal cord are damaged. This d ...
(MS)—because it is not allowed to use international payment systems. A teenage boy died from haemophilia
Haemophilia, or hemophilia (), is a mostly inherited genetic disorder that impairs the body's ability to make blood clots, a process needed to stop bleeding. This results in people bleeding for a longer time after an injury, easy bruising, ...
because of a shortage of medicine caused by the sanctions. Deliveries of some agricultural products to Iran have also been affected for the same reasons.
Drug imports to Iran from the U.S. and Europe decreased by approximately 30 percent in 2012, according to a report by the Woodrow Wilson International Center for Scholars
The Woodrow Wilson International Center for Scholars (or Wilson Center) is a quasi-government entity and think tank which conducts research to inform public policy. Located in the Ronald Reagan Building and International Trade Center in Washi ...
. In 2013, ''The Guardian
''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer'' and ''The Guardian Weekly'', ''The Guardian'' is part of the Gu ...
'' reported that some 85,000 cancer patients required forms of chemotherapy and radiotherapy that had become scarce. Western governments had built waivers into the sanctions regime to ensure that essential medicines could get through, but those waivers conflicted with blanket restrictions on banking, as well as bans on "dual-use" chemicals that might have a military as well as a medical application. An estimated 40,000 haemophiliacs could not get blood-clotting medicines, and operations on haemophiliacs were virtually suspended because of the risks created by the shortages. An estimated 23,000 Iranians with HIV/AIDS
Human immunodeficiency virus infection and acquired immunodeficiency syndrome (HIV/AIDS) is a spectrum of conditions caused by infection with the human immunodeficiency virus (HIV), a retrovirus. Following initial infection an individual ...
had severely restricted access to the drugs they need. The society representing the 8,000 Iranians suffering from thalassemia, an inherited blood disorder, said its members were beginning to die because of a lack of an essential drug, deferoxamine
Deferoxamine (DFOA), also known as desferrioxamine and sold under the brand name Desferal, is a medication that binds iron and aluminium. It is specifically used in iron overdose, hemochromatosis either due to multiple blood transfusions or an un ...
, used to control the iron content in the blood. Further, Iran could no longer buy medical equipment such as autoclaves, essential for the production of many drugs, because some of the biggest Western pharmaceutical companies refused to do business with the country.
Journalists reported on the development of a black market
A black market, underground economy, or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by noncompliance with an institutional set of rules. If the rule defines the se ...
for medicine. Though vital drugs were not affected directly by the sanctions, the amount of hard currency available to the ministry of health was severely limited. Marzieh Vahid-Dastjerdi, Iran's first female government minister since the Iranian Revolution
The Iranian Revolution ( fa, انقلاب ایران, Enqelâb-e Irân, ), also known as the Islamic Revolution ( fa, انقلاب اسلامی, Enqelâb-e Eslâmī), was a series of events that culminated in the overthrow of the Pahlavi dynas ...
, was dismissed in December 2012 for speaking out against the lack of support from the government in times of economic hardship. Furthermore, Iranian patients were at risk of amplified side effects and reduced effectiveness because Iran was forced to import medicines, and chemical building blocks for other medicines, from India and China, as opposed to obtaining higher-quality products from Western manufacturers. Because of patent protections, substitutions for advanced medicines were often unattainable, particularly when it came to diseases such as cancer and multiple sclerosis.
China, the UK, the Group of 77
The Group of 77 (G77) at the United Nations (UN) is a coalition of 134 developing countries, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations. There were 77 fou ...
and experts are pressing the US to ease sanctions on Iran to help it fight the growing coronavirus outbreak. “There is no doubt that Iran’s capacity to respond to the novel coronavirus has been hampered by the Trump administration’s economic sanctions, and the death toll is likely much higher than it would have been as a result,” Center for Economic and Policy Research (CEPR) Co-director Mark Weisbrot said. “There can also be no question that the sanctions have affected Iran’s ability to contain the outbreak, leading in turn to more infections, and possibly to the virus’ spread beyond Iran's borders.”
On 6 April 2020, Human Rights Watch
Human Rights Watch (HRW) is an international non-governmental organization, headquartered in New York City, that conducts research and advocacy on human rights. The group pressures governments, policy makers, companies, and individual human r ...
released a report urging the United States to ease sanctions on Iran "to ensure Iran access to essential humanitarian resources during the coronavirus">/nowiki>coronavirus/nowiki> pandemic
A pandemic () is an epidemic of an infectious disease that has spread across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. A widespread endemic (epidemiology), endemic disease wi ...
." The impact of sanctions on Iran made the COVID-19 management a difficult issue in Iran.
In October 2020, Bloomberg reported that US sanctions had halted a flu vaccine
Influenza vaccines, also known as flu shots, are vaccines that protect against infection by influenza viruses. New versions of the vaccines are developed twice a year, as the influenza virus rapidly changes. While their effectiveness varies fro ...
shipment of 2 million doses. Iran's Red Crescent Society
The International Red Cross and Red Crescent Movement is a humanitarian movement with approximately 97 million volunteers, members and staff worldwide. It was founded to protect human life and health, to ensure respect for all human beings, an ...
indicated how the drastic financial sanctions rendered the community Shahr Bank insolvent, which halted the crucial shipment.
Civil movement against sanctions
The "Civil Movement" was initiated by two prominent Iranian economists— Dr. Mousa Ghaninejad, of Tehran's Petroleum University of Technology, and Dr. Mohammad Mehdi Behkish, of Tehran's Allameh Tabatabaei University—on 14 July 2013. They described the sanctions as an "unfair" and "illogical" tool, arguing that a freer economy would lead to less political enmity and encourage amicable relationships between countries. They also noted that sanctions against one country punish not only the people of that country, but also the people of its trade partners.
The movement was supported by a large group of intellectuals, academics, civil society activists, human rights activists and artists. In September 2013, the International Chamber of Commerce-Iran posted an open letter by 157 Iranian economists, lawyers and journalists criticizing the humanitarian consequences of sanctions and calling on their colleagues across the world to pressure their governments to take steps to resolve the underlying conflict.
In April 2021, more than 40 grassroots organisations have called on US President Joe Biden's administration to lift restrictions that "have obstructed the flow of critical vaccines, medicine and humanitarian goods into Iran". Iran had struggled to acquire Western vaccines due to sanctions, and was one of the worst hit countries by the Covid-19 pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...
.
Frozen assets
After the Iranian Revolution
The Iranian Revolution ( fa, انقلاب ایران, Enqelâb-e Irân, ), also known as the Islamic Revolution ( fa, انقلاب اسلامی, Enqelâb-e Eslâmī), was a series of events that culminated in the overthrow of the Pahlavi dynas ...
in 1979, the United States ended its economic and diplomatic ties with Iran, banned Iranian oil imports and froze approximately 11 billion 1980-US dollars of its assets.
In the years of 2008 to 2013, billions of dollars of Iranian assets abroad were seized or frozen, including a building in New York City, and bank accounts in Great Britain, Luxembourg
Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...
, Japan and Canada.
In 2012, Iran reported that the assets of Guard-linked companies in several countries were frozen but in some cases the assets were returned.
The chairman of the Majlis Planning and Budget Committee says $100 billion of Iran's money was frozen in foreign banks because of the sanctions imposed on the country. In 2013, only $30 billion to $50 billion of its foreign exchange reserves (i.e. roughly 50% of total) was accessible because of sanctions.
Sanctions relief
When the Joint Comprehensive Plan of Action
The Joint Comprehensive Plan of Action (JCPOA; fa, برنامه جامع اقدام مشترک , barnāmeye jāme'e eqdāme moshtarak (, ''BARJAM'')), commonly known as the Iran nuclear deal or Iran deal, is an agreement on the Iranian nuclear ...
between Iran and the P5+1 was implemented in early 2016, sanctions relief affected the economy of Iran
The economy of Iran is a mixed economy with a large state-owned sector and is the largest in the Middle East in terms of nominal GDP. It is the world's 21st largest by purchasing power parity (PPP). Some 60% of Iran's economy is centrally pla ...
in four principal ways:
# Release of Iran's frozen funds abroad, estimated at $29 billion, representing approximately one third of Iran's foreign held reserves.
# The removal of sanctions against exports of Iranian oil.
# Allow foreign firms to invest in Iran's oil and gas, automobiles, hotels and other sectors.
# Allow Iran to trade with the rest of the world and use the global banking system such as SWIFT.
According to the Central Bank of Iran
The Central Bank of Iran (CBI), also known as ''Bank Markazi'', officially the Central Bank of the Islamic Republic of Iran ( fa, بانک مرکزی جمهوری اسلامی ايران, Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān; SWIFT Code: B ...
, Iran would use funds unfrozen by its nuclear deal mainly to finance domestic investments, keeping the money ''abroad'' until it was needed.
According to the Washington Institute in 2015: "The pre-deal asset freeze did not have as great an impact on the Iranian government as some statements from Washington suggested. And going forward, the post-deal relaxation of restrictions will not have as great an impact as some critics of the deal suggest."
On 16 January 2016, the International Atomic Energy Agency
The International Atomic Energy Agency (IAEA) is an intergovernmental organization that seeks to promote the peaceful use of nuclear energy and to inhibit its use for any military purpose, including nuclear weapons. It was established in 1957 ...
said that Iran had adequately restricted its nuclear program, resulting in the United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and international security, security, develop friendly relations among nations, achieve international cooperation, and be ...
lifting some of the sanctions.
In February 2019, France, Germany and the United Kingdom announced that they have created a payment channel named INSTEX
The Instrument in Support of Trade Exchanges (INSTEX) is a European special-purpose vehicle (SPV) established on 31 January 2019. Its mission is to facilitate non-USD and non-SWIFT transactions with Iran to avoid breaking U.S. sanctions.
Five EU ...
to bypass the newly reimposed sanctions by the United States, following the unilateral withdrawal from the JCPOA by the Trump administration
Donald Trump's tenure as the List of presidents of the United States, 45th president of the United States began with Inauguration of Donald Trump, his inauguration on January 20, 2017, and ended on January 20, 2021. Trump, a Republican Party ...
. The Trump Administration warned that countries engaging in financial transactions with Iran could face secondary U.S sanctions.
In late January 2020, the Swiss Humanitarian Trade Arrangement (SHTA) with Iran was implemented, assuring export guarantees through Swiss financial institutions for shipments of food and medical products to the Islamic republic. Geneva-based bank BCP and a large Swiss drugmaker were participating in the initial pilot shipment of essential medicine
Essential medicines, as defined by the World Health Organization (WHO), are the medicines that "satisfy the priority health care needs of the population". These are the medications to which people should have access at all times in sufficient a ...
s worth 2.3 million euros ($2.55 million).
According to one independent study in 2022, Iran could see a windfall of one trillion US dollars over 10 years if a new agreement is signed with the P5+1.
See also
* Foreign relations of Iran
The foreign relations of Iran are the economic and diplomatic relationships between the Iranian government and governments of other countries. Geography is a very significant factor in informing Iran's foreign policy. Following the 1979 Iranian ...
* Iran–Contra affair
* Nuclear program of Iran
The nuclear program of Iran is an ongoing scientific effort by Iran to research nuclear technology that can be used to make nuclear weapons. Iran has several research sites, two uranium mines, a research reactor, and uranium processing facilit ...
* List of parties to the Nuclear Non-Proliferation Treaty
A ''list'' is any set of items in a row. List or lists may also refer to:
People
* List (surname)
Organizations
* List College, an undergraduate division of the Jewish Theological Seminary of America
* SC Germania List, German rugby union ...
* Resistance economy
A resistance economy, also known as a resistive economy ( fa, اقتصاد مقاومتی) is an economy that tries to circumvent International sanctions, sanctions imposed on the country or region. This can involve increasing resilience by substi ...
* United States embargoes
United may refer to:
Places
* United, Pennsylvania, an unincorporated community
* United, West Virginia, an unincorporated community
Arts and entertainment Films
* ''United'' (2003 film), a Norwegian film
* ''United'' (2011 film), a BBC Two fi ...
* International sanctions during the Venezuelan crisis
* International sanctions during apartheid
* Sanctions against Iraq
* Sanctions against Japan
The was a Japanese name for a series of embargoes against Japan by foreign nations, including the United States of America, Britain, China, and the Dutch. It was also known as the . In 1940, in an effort to discourage Japanese militarism, these ...
* International sanctions during the Russo-Ukrainian War
*
References
Further reading
* Cordesman, Anthony H., Bryan Gold, and Chloe Coughlin-Schulte. ''Iran: Sanctions, Energy, Arms Control, and Regime Change'' (Rowman & Littlefield, 2014)
* Marossi, Ali Z., and Marisa R. Bassett, eds. ''Economic Sanctions under International Law: Unilateralism, Multilateralism, Legitimacy, and Consequences'' ( T.M.C. Asser Press, 2015), specialized essays by expert
online
External links
US Treasury's financial sanctions and associated material
{{Asia topic, Sanctions against
Economy of Iran
Foreign relations of Iran
Anti-Iranian sentiments
Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...
Iran–United States relations