Economic and Socioeconomic Consequences of US Sanctions on Iran

ECONOMY 20.03.2020
Murat Aslan Deputy Director/Coordinator of Economy
Yasir Rashid Assistant, Economy

US sanctions affect economic, social, cultural, and political domains.

The US sanctions on Iran, which comprise the prohibition of economic and financial transactions and target certain people and entities, have caused devastating problems. Although the sanctions were put into full effect only 15 months ago, they have engendered severe impacts on Iran, ranging from soaring inflation to rising unemployment and from a shortage in some commodities to expanding poverty. Due to the experiences from the previous nuclear sanctions, Iranian society has been in an acute psychological mood since May 2018.

Trump Administration decided to reimpose sanctions on Iran for the hope that Iran would be made a range of broad concessions, including cessation of nuclear and ballistic missile activities and support for proxies and allies in the region. How far the sanctions have been able to alter Iran’s nuclear activities and aggressive foreign policies? The other important question is related to domestic impacts. That is how much damage is done to the consequences of sanctions on state-society relations. The US administration has emphasized the objective is to stop the malign activities of the Iranian regime and therefore the sanctions are not targeting Iranian people, but the sanctions so far have had a significant impact on average Iranians.

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