Report by Ahmad Abdallah, English adaptation by Yasmine Jaroudi
Iran, already under severe sanctions from the United States, faces the looming threat of new penalties as Western nations contemplate further measures against Tehran.
In the aftermath of Iran's attack on Israel on Saturday night, the White House announced that the US administration would impose new sanctions on Iran. This stance was also adopted by Britain and the European Union.
The US sanctions targeted 16 individuals and two entities enabling Iran’s UAV production, including companies that provide solid and raw materials for these industries. Britain also added 13 entities linked to Iran to the sanctions list.
The new sanctions also included all entities affiliated with the Islamic Revolutionary Guard Corps (IRGC) and the Iranian Defense Ministry.
Iran is already subject to US sanctions, where Washington prohibits all forms of trade with Tehran, freezes Iranian assets, and also restricts foreign aid, arms sales, and oil.
The United States froze $12 billion of Iranian assets, and South Korea released $6 billion of its funds to Iran following a prisoner exchange deal between Washington and Tehran, mediated by Doha last October.
Due to the sanctions, Iranian oil revenues plummeted from $100 billion annually in 2018 to just $8 billion, only to rebound last year to $35 billion with the easing of restrictions on oil trade.
These sanctions target thousands of individuals, companies, and entities in Iran and beyond that are allied with Tehran, aiming to pressure Iran into altering its policies, particularly regarding its nuclear program, human rights file, and support for groups deemed "terrorist" by the United States, such as Hezbollah in Lebanon and Islamic resistance factions in Iraq.
Recent years have seen an escalation in sanctions due to various reasons, including Iran's support for Russia in its conflict with Ukraine, providing arms and drones, as well as Tehran's backing of Yemen's Houthi group in their operations in the Red Sea.
As more than 30 countries prepare to respond to Iran's attack on Israel, the question arises: Will these sanctions deter Iran and its military activities in the region? Or will Iran find ways to evade the impact of these sanctions?