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Accession Number ADA584278
Title Iran Sanctions.
Publication Date Jan 2012
Media Count 79p
Personal Author K. Katzman
Abstract There is broad international support for imposing progressively strict economic sanctions on Iran to try to compel it to verifiably confine its nuclear program to purely peaceful uses. During 2011, there was broad agreement among experts that sanctions had not hurt Iran's economy enough for the Iranian leadership to feel pressured to accommodate core Western goals on Iran's nuclear program. As 2012 begins, Iran is indicating it sees new multilateral sanctions against its oil exports as a severe threat, to the point of Iran possibly threatening armed conflict in the Strait of Hormuz. Iran also has indicated receptivity to new nuclear talks in the hopes of reversing the oil export-related sanctions being implemented. The energy sector provides nearly 70% of Iran's government revenues. Iran's alarm stems from the potential loss of oil sales as a result of the following: (1) A decision by the European Union on January 23, 2012, to wind down purchases of Iranian crude oil by July 1, 2012; (2) Decisions by other Iranian oil purchasers, such as Japan, South Korea, India, and China, to reduce purchases of Iranian oil; and (3) The willingness of other oil producers with spare capacity, particularly Saudi Arabia, a strategic rival, to sell additional oil to countries cutting Iranian oil buys. Even before these latest sanctions, the signs of economic pressure that sanctions are placing on Iran were multiplying. The value of Iran's rial has dropped precipitously since December 2011. Iranian leaders have admitted that Iran is virtually cut off from the international banking system. The announced pullouts from Iran by major international firms have accelerated since early 2010, slowing Iran's efforts to modernize its energy sector and other sectors as foreign firms take with them irreplaceable expertise. In the 112th Congress, legislation, such as S. 1048 and H.R. 1905, would enhance both the economic sanctions and human rights-related provisions of CISADA and other laws.
Keywords Banking
Blocked iranian property and assets
China
Cisada(Comprehensive iran sanctions accountability and dives
Crude oil
Democratic change
Economic impact
Economic sanctions
Economic sanctions effects
Embargo
European union
Foreign aid
Foreign firms
Fy2012 national defense authorization act
Government(Foreign)
Human rights
Human rights abuses
India
International trade
Investments
Iran
Iran sanctions act
Japan
Legislation
Middle east
Multilateral sanctions
Natural gas
Nuclear proliferation
Oil exports
Oil purchases
Patriot act
Pipelines
Proliferation-related sanctions
Russia
Saudi arabia
South korea
Terrorism
Terrorism list-related sanctions
United nations
United states government
Visa ban
World bank loans


 
Source Agency Non Paid ADAS
NTIS Subject Category 96 - Business & Economics
92 - Behavior & Society
92C - Social Concerns
74H - Nuclear Warfare
Corporate Author Congressional Research Service, Washington, DC.
Document Type Technical report
Title Note Congressional rept.
NTIS Issue Number 1402
Contract Number N/A

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