Tag Archives: Iran

Sanctions are not new to Iranians who have defiantly lived through sanctions and asset freezes since 1979 when US President Jimmy Carter froze about $12 billion in Iranian assets, including bank deposits, gold and other properties. Without doubt, the latest spate of sanctions – US sanctions that deny access to the US financial system to any financial institution that conducts business with the Central Bank of Iran for transactions that involve sale of petroleum or petroleum products, and the EU ban on imports of Iranian crude oil and petroleum products – would hurt Iran, but who would hurt more – Iran or purchasers who are heavily dependent on its crude oil? Two of the largest importers of Iran’s oil, China and India (together accounting for about 36% of Iran’s oil exports) have indicated that they would continue their oil trade with Iran, leaving Iran some elbow room, and mitigating to some extent the impact of US and EU sanctions.