Sanctions against Iran infographic
Graphic shows timeline of sanctions against Iran.
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ECONOMY

U.S. plans new sanctions on Iran after attack on Israel

By Duncan Mil

April 17, 2024 - 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.

U.S. Treasury Secretary Janet Yellen said new sanctions could be announced within days and would likely focus on limiting Iran’s oil exports.

Jake Sullivan, the U.S. National Security Adviser, said in a statement that the sanctions would target Iran’s “missile and drone programme” and entities that support the country’s military groups.

“These new sanctions and other measures will continue a steady drumbeat of pressure to contain and degrade Iran’s military capacity and effectiveness and confront the full range of its problematic behaviors,” Sullivan said.

The U.S. will discuss Iran with finance ministers from the Group of 7 nations in Washington this week.

The talks will centre on plans to cut off Iran’s access to military components that it uses to build weapons, such as the Shahed drones that it deployed against Israel.

Iran’s economy has faced more than 5,000 sanctions since 1979, when radical students seized the U.S. Embassy in Tehran.

At the time, one U.S. dollar was equal to 70 rials -- Iran’s national currency -- today, it is equal to over 660,000 rials, and rampant inflation has escalated to 47% during the last fiscal year.

Sources
PUBLISHED: 17/04/2024; STORY: Graphic News; PICTURES: Getty Images
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