The oil boom of the late 2000s created significant headwinds for Iranian manufacturers. As the value of oil exports surged, the Iranian rial appreciated, real wages rose, and foreign goods flooded the Iranian market. Middle-class families relished in their newfound…

Sanctions against Iran amount to some of the harshest and longest-running restrictions in the world. Dating back to the 1979 revolution that overthrew one of America’s closest allies in the region, early sanctions imposed primarily by the US froze Iranian…

“Plumbing” is an oft-used metaphor for understanding how sanctions work. Sanctions are intended to stop the flow of money to the targeted government; reserves are frozen, trade is blocked, export revenues dry up, and government budgets are drained. Even the…