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Pros And Cons Of Iranian Embargo

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United States has had an embargo on Iran for isolating it, but right now there are debates on whether this these sanctions should be lift in order to stop Iran from developing nuclear weapons. Beginning in 2006, the U.S. and EU have incrementally tightened sanctions against Iran’s nuclear, missile, energy, shipping, transportation, insurance, and financial sectors. These sanctions have throttled Iran’s economic growth, contributing to two years of recession, significantly decreased oil revenues, and runaway inflation. The Anti-Defamation League (ADL) states, “Iran is one of the world's leading state sponsors of terrorism through its financial and operational support for groups such as Hezbollah, Hamas, and others. Iran could potentially share …show more content…

Economically, Iran is known for its impact on oil. “Sanctions have created pressure on Iran, but Iran is also a large regional economy with a relatively diversified structure--oil is very important (…) Certainly, the European embargo means Iran has to find customers who are at about half a million barrels of oil a day [to replace loss of European oil sales], and secondly, even when it continues to sell oil, it experiences difficulties in laying its hand on the proceeds of the sale of oil because of the expensive nature of the financial sanctions” (Johnson). The lifting would further isolate Iran from the global economy, but they have already been cautious about this topic. Iran has found new customers, offered discounts to maintain customers, and have entered to transactions of local currencies, like the Rupee in India; all this reduces the range of imports that Iran can get from trading partners, but gives them economic safety. According to the U.S. Energy Information Administration, Iran has the world's fourth-largest proven crude oil reserves. “Oil is key for Iran, and it has gotten around the sanctions by using the black market” (Eggan). Accepting the agreement would lower oil costs even

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