America and Iran's Sanctions History

The United States has imposed a series of extensive sanctions on Iran for over 40 years. These began in 1979 following the storming of the American embassy in Tehran and the hostage crisis. The sanctions have expanded to include freezing government assets, banning all forms of American trade with Iran, and targeting sectors such as energy, finance, shipping, construction, mining, automobiles, and manufacturing, as well as arms trade. The sanctions have caused an unprecedented devaluation of the Iranian currency, pushed inflation to 88%, and resulted in an economic contraction of 2.8% last year, with expectations of a larger contraction of 5.4% this year. Additionally, Iranian assets valued between $100 and $120 billion have been frozen, and many supply chains disrupted—limiting Iran’s access to global markets through the SWIFT system—leading to a significant deterioration of its economic situation. The U.S. Treasury Secretary announced that Washington is conducting the "largest financial attack ever" against Iran, with ongoing pressure and new sanctions imposed due to tensions in the Strait of Hormuz.

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