The History of Embargo Against Iran: from the U.S. to the EU

TEMPO.CO, Jakarta - Several European Union member states have asked that sanctions on Iran be expanded in response to Tehran's attack on Israel and the bloc's diplomatic service will start working on the proposal, EU foreign policy chief Josep Borrell said on Tuesday.

Citing reuters.com, European Union High Representative for Foreign Affairs and Security Policy Josep Borrell said the proposal would expand a sanctions regime that seeks to curb the supply of Iranian drones to Russia to include the provision of missiles and cover deliveries to Iranian proxies in the Middle East.

Throughout history, Iran has been the target of various international sanctions or embargoes from several countries, especially the United States, and international organizations. The following are several sanctions that Iran has received over the years:

1. United States sanctions against Iran 

Citing cnn.com, the history of US sanctions against Iran dates as far back as 1979, when hostages were held at the US Embassy in Tehran. According to the US Treasury Department, the U.S. government froze Iranian government assets in the US and US banks overseas, totaling $12 billion, as a result of the hostage situation.

The freeze was eventually expanded to a full trade embargo until an accord was signed with Iran in 1981. However, Iran insisted on receiving payments in gold rather than US dollars so the U.S. government transferred 50 tons of gold to Iran while taking over ownership of Iranian gold in the equivalent amount that had been frozen at the New York Federal Reserve Bank.

Iran finally released 52 hostages captured at the US Embassy in Tehran on November 20, 1981. The assets were then unblocked and the embargo was lifted.

The US imposed a new embargo on Iran in 1987 over “Iran's support for international terrorism”, and in 1995 over US involvement in petroleum development in Iran.

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