The Economy of Iran
Sanctions: From 2006 to the Nuclear Deal
Escalating UN, US and EU sanctions from 2006 cut Iran's oil exports and banking access until the 2015 nuclear deal (JCPOA) eased them.
Economic pressure over the nuclear programme.
Pressure
Sanctions targeted oil sales, banks and shipping, isolating Iran from global finance.
Effects
The rial lost value, inflation soared and growth turned negative around 2012.
JCPOA
In 2015, Iran agreed to limit its nuclear programme in return for sanctions relief.
Relief
Oil exports recovered and growth rebounded in 2016.
A cut-off
Banks abroad stopped dealing with Iranian institutions, making trade hard.
Assuming sanctions affect only the government
They hit ordinary consumers and firms.
Key takeaways
- Sanctions escalated from 2006.
- The rial fell.
- JCPOA eased sanctions in 2015.
- Growth rebounded in 2016.
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