Iran sanctions cost US economy billions, report says

The US economy has lost more than $135 billion in export revenues and hundreds of thousands of potential jobs because of stringent economic sanctions against Iran, according to a new report by the National Iranian American Council (NIAC).

The report, “Losing Billions: The Cost of Iran Sanctions to the US Economy,” published July 14, is intended to move the debate in Congress and among the public toward accepting a possible long-term nuclear agreement that would include lifting many sanctions on Iran. It is not, however, clear to what extent US businesses would quickly benefit from a removal of penalties given other restrictions that would likely remain and likely caution about dealing with a country long demonized and penalized by the United States.

It has become an article of faith in the White House and Congress that tough economic sanctions were a major factor in persuading Iran to negotiate limits on its nuclear program — something Iran and some non-Iranian analysts deny, pointing instead to US acknowledgment that Iran could pursue a limited uranium-enrichment program. Still, the price that sanctions may have exacted on the United States and its allies’ economies is rarely discussed on Capitol Hill.

Read the full article at Al-Monitor.