Sanctions against Iran

The U.S., UK and allies are preparing to issue more sanctions against Iran following its attack on Israel. Decades of sanctions have taken a severe toll on Iran’ s economy


1979-81: Sanctions imposed after radical students seize U.S. Embassy in Tehran and take 52 hostages. 
$12bn in Iranian assets frozen

1981: Hostages released, assets unblocked, sanctions lifted

1984: U.S. – largest arms exporter to Iran – bans weapon sales

1987: Embargo on Iranian goods and services reimposed over Iran’s support for terrorism

1995: U.S. President Bill Clinton (inset) bans trade and investment in response to Iran’s nuclear programme and support of Hezbollah, Hamas, and Palestinian Islamic Jihad

2006: Sanctions imposed after Iran ignores UN Security Council Resolution 1696, demanding Tehran halts its uranium enrichment programme

2010: EU restricts foreign trade and financial services to Iranian owned companies

2012: EU cuts Iranian banks from SWIFT electronic banking network. Iranian rial devalued by 80%

2015: Joint Comprehensive Plan of Action (JCPOA) agreed by Iran and P5+1 – China, France, Russia, UK, U.S. plus Germany, lifts sanctions in exchange for end to Iran’s nuclear programme.
UN arms embargo lifted
   
2018: President Donald Trump pulls out of JCPOA. Sanctions slapped on Iran’s financial sector

2019: Iran’s Revolutionary Guard Corps (IRGC) and Quds Force designated as Foreign Terrorist Organizations

2020: Iran boosts uranium enrichment to 20% following assassination of nuclear scientist Mohsen Fakhrizadeh (inset). U.S. sanctions surge

2021-22: Iran escalates enrichment to 60% at its Fordow and Natanz nuclear facilities

Apr 15, 2024: Following Iran’s attack on Israel, Congress passes legislation banning U.S. financial institutions from dealing with Chinese companies that purchase Iranian crude oil. China buys 80% of Iran’s oil exports

Since 1979, Iranian currency plunges from 70 rials to US$1 to 660,000 rials to $1


Sources: CNN, Middle East Monitor, Reuters, Rigzone 
Pictures: Getty Images 
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