Trump’s global trade sanctions for decimated Iranian regime: report
Asset Administration sanctions on Iran have decimated the regime’s hard-line trade with the world’s largest economies, dropping it from $ 46 billion in 2019 to $ 28 billion in 2020, non-public report shows sent by the Biden administration to Congress earlier this month.
The roughly $ 18 billion drop in trade has dealt a severe blow to Iran’s attempts to access hard currencies amid an ongoing cash shortage that has ruined the country’s economy and sparked protests at national scale. In total, the reimposition of sanctions, which began in 2018, has reduced Iran’s trade by more than $ 70 billion.
The extent of the damage caused by the Trump administration’s “maximum pressure” campaign on Iran was disclosed to Congress this month in an unclassified but not public mandatory report, a copy of which has been reviewed by the Washington Free Beacon. This demonstrates that the sanctions against Iran imposed by the old administration prevented the Iranian regime from making a profit, even though critics of the GOP-led sanctions claimed that these measures were ineffective.
The disclosure comes as the Biden administration continues negotiations with Iran and aims to draft a revamped version of the 2015 nuclear deal, which provided Iran with billions of dollars in sanctions relief. Iran is pushing US officials to dismantle the old administration’s series of sanctions, which would provide the regime outright with a cash lifeline. The Biden administration has indicated it is ready to lift the most crushing economic sanctions on Tehran, drawing criticism from GOP hawks in Congress and others who say the US is abandoning its influence over the regime .
The last report was submitted to Congress under the Iran Sanctions Act 1996, which requires the president to brief lawmakers on the dollar value of Iran’s trade with major world countries known as the Group of 20. The significant decline in trade occurred after the Trump administration invoked in August 2020 a mechanism known as a “snapback”, in which all international sanctions lifted against Iran under the nuclear deal were reapplied.
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The report also describes US trade with Iran, which has grown from $ 34.5 million in 2019 to $ 26.5 million in 2020. The majority of US exports to Iran are permitted through humanitarian exemptions. sanctions and include agricultural products, drugs and medical devices. This trade continued with Iran as the coronavirus pandemic took the world by storm and devastated the Iranian population.
Iran’s main trading partner is China, which in 2019 traded more than $ 19 billion with Iran. That number fell to $ 12 billion in 2020. China has bypassed US sanctions measures to do business with Iran. This includes Iran’s lucrative and heavily sanctioned oil trade, which takes place under the radar.
The European Union carried out 4.7 billion dollars in trade with Iran in 2019, according to the report. That number fell to $ 4.3 billion in 2020. Europe remains committed to doing business with Iran, even in the face of US sanctions, and has worked to facilitate America’s return to the nuclear deal. , which it considers to be advantageous for this commercial relationship.
Behnam Ben Taleblu, a Iran An expert from the Foundation for the Defense of Democracies, said the numbers “put more meat on the bone of macroeconomic markers of the success of the Trump administration’s maximum pressure policy against Iran.”
“Put simply,” he said, “maximum pressure was working, and reversing the price will only have the opposite effect. a position of strength with the Islamic Republic of Iran would be a matter of when, not if. “
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