Iran Sanctions are Working

Katherine Greenberg — July 23, 2010 – 2:31 pm | Barack Obama | Foreign Policy | Iran Comments (0) Add a comment

A recent article in The Washington Post noted the effectiveness of U.S. sanctions on Iran’s energy sector, saying that they “have significantly slowed the country’s most prestigious economic project.” The “project” is a reference to the development of the South Pars natural gas reservoir, the world’s largest gas field with the potential to make over $130 billion in yearly sales after its completion. However, since the enactment of U.S. sanctions—which penalize companies conducting business in Iran’s energy sector—major corporations like Halliburton, Shell, and Total have been forced to withdraw from the South Pars development project.

 

 

 

The massive economic loss created by these events is just further proof that Iran sanctions are working and that doing business with Iran comes at a steep price.

 

 

 

 

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