Following the Iranian Revolution, the United States has since 1979 applied various economic, trade, scientific and military sanctions against Iran. United States economic sanctions are administered by the Office of Foreign Assets Control (OFAC), an agency of the United States Department of the Treasury. As of 2017, United States sanctions against Iran include an embargo on dealings with the country by the United States, and a ban on selling aircraft and repair parts to Iranian aviation companies.[1][needs update?]
The United States has imposed sanctions against Iran in response to the Iranian nuclear program and Iranian support for Hezbollah, Hamas, and Palestine Islamic Jihad, that are considered terrorist organizations by the United States. Iranian support for the Shia militias in Iraq and the Houthi movement in the Yemen civil war are also in contention.
On 17 May 2018, the European Commission announced its intention to implement the blocking statute of 1996 to declare United States sanctions against Iran null and void in Europe and ban European citizens and companies from complying with them. The EC also instructed the European Investment Bank to facilitate European companies' investment in Iran.[2][3][4]
- ^ Haidar, J.I., 2017."Sanctions and Exports Deflection: Evidence from Iran," Economic Policy (Oxford University Press), April 2017, Vol. 32(90), pp. 319-355.
- ^ "EU to reactivate ′blocking statute′ against US sanctions on Iran for European firms". Deutsche Welle. 17 May 2018. Retrieved 17 May 2018.
- ^ "EU to start Iran sanctions blocking law process on Friday". Reuters. 17 May 2018. Retrieved 17 May 2018.
- ^ "EU moves to block US sanctions on Iran". Al Jazeera. 17 May 2018. Retrieved 17 May 2018.