Iran Sanctions

Since 2012, the United States has been introducing a set of sanctions against Iran affecting the energy sector, specially the oil industry. These sanctions have been deployed in a set of regulations, including Iran Sanctions, Accountability, and Human Rights Act of 2012 and National Defence Authorization Act 2012. Both acts were lifted as part of the 2015 Iran nuclear deal, but reinstated again in 2018. Some of the restrictions included in the mentioned acts are the following: 

• Sanctions on all foreign financial institutions (including foreign central banks or foreign state-owned or controlled banks) that conduct or facilitate significant financial transactions for the purchase of Iranian petroleum or petroleum products. Nonetheless, if the US government determines that a country has significantly reduced its volume of crude oil purchases from Iran, any foreign financial institution based in that country, will not be subject to the banking sanctions. 
• Sanctions on investments made for the development of Iran's petroleum and natural gas resources as well as on those who provides products and services to Iran to facilitate Iran's ability to refine petroleum.
• Sanctions for those providing services or support for the deployment of infrastructure that is directly associated with Iran's domestic production of refined petroleum products. 

Moreover, on 2024 two more laws were put into force targeting Iran's oil exports. The Iran-China Energy Sanctions Act of 2023 to reduce Iranian oil flows into China and the Stop Harboring Iranian Petroleum Act (SHIP Act) to impose additional sanctions on port operators, shipowners, and refineries that participate in Iran’s oil trade.

In addition to the oil sanctions, on May 8, 2019 the U.S. government through Executive Order 13871 authorized sanctions with respect to Iran's iron, steel, aluminium and copper sectors. The sanctions covers all persons operating, as well as engaging in a significant transaction for the sale, supply or transfer to Iran of significant goods or services used in connection with Iran's iron, steel, aluminium or copper sectors. 

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