Economic Sanctions and Iranian Trade

by Philip Shehadi
published in MER98

Former President Jimmy Carter’s announcement of economic sanctions against Iran on April 7, 1980 aroused little enthusiasm except in Tehran, where crowds roared their approval of a formal break in ties with the “great Satan.” At home, hadn’t the freeze of Iranian assets, the longshoremen’s refusal to load Iran-bound goods, and the November ban on Iranian oil imports already reduced trade between the two countries to a trickle? In Europe, foreign ministers meeting in Lisbon on April 10 declined to heed Carter’s call. The Europeans, and the Japanese, had a stake in maintaining economic ties to the new regime. Western Europe as a whole was importing 650,000 barrels of Iranian oil a day.

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