The Economic Consequences of the US Withdrawal from the Nuclear Deal

ECONOMY 28.05.2018
Murat Aslan Vice President / Coordinator of Economy

A number of incidents which took place following Iran’s Islamic Revolution rapidly escalated the relations between Iran and the Western countries, particularly the US.

A number of incidents which took place following Iran’s Islamic Revolution rapidly escalated the relations between Iran and the Western countries, particularly the US. Thus, throughout the almost forty years since the revolution, numerous sanctions of varying scope and intensity have been imposed on Iran. Although, from the beginning, the US tried to persuade other countries to participate in isolating Iran economically and politically, this wasn’t realized until 2006. Therefore, prior to 2006 the US sanction system over Iran had been considered as a domestic legal mechanism or unilateral system binding only US citizens and firms. Consequently, the lack of joint action between the US and other countries contributed to the strategy’s failure before 2006. Many countries which have amicable relations with the United States have not contributed to the enforcement of the sanctions against Iran. Though, the claims made in 2002 about Iran’s secret and non-peaceful nuclear activities changed the course of events as exemplified by the resolutions adopted by the United Nations Security Council (UNSC) between 2006 and 2010,1 which imposed sanctions on Iran. Moreover, the shock created by the 9/11 terrorist attack played a key role in this process. It provided significant legal and psychological justification for the US military and political interventions in the Middle East. From that date on, the US pursued a tougher stance on Iran (Küpeli, 2016: 106).

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