Strategies to counter the effects of US sanctions against the Iranian banking system

Subject Areas : Boycott

Rozbeh Pezeshki ¹ , abu mohammad asagarkhani ² , Masour Atasheneh ³

1 - Department of Law, Qeshm Branch, Islamic Azad University, Qeshm, Iran
2 - Department of Law, Qeshm Branch, Associate Professor, Islamic Azad University, Qeshm, Iran
3 - Department of Law, Qeshm Branch, Associate Professor, Islamic Azad University, Qeshm, Iran

Received: 2020-03-05 Accepted : 2020-08-07 Published : 2020-04-20

Keywords: Economic Sanctions, Banking system, US sanctions, banking sanctions, countering sanctions,

Abstract :

For years, sanctions have been used in the international arena as coercive measures by one state or group of states against another to change its behavior or policies. Among these, economic sanctions, especially financial and banking sanctions, are the most common type of sanctions. Iran's banking system has been subject to unilateral sanctions, especially by the United States, for various reasons over the past years. Accordingly, given the importance of the banking system in the government, which is an important part of the success of the economic program is affected by the ability of the banking system, which has been targeted by banking sanctions, we discuss the effects of US banking sanctions against the Iranian banking system. And does it have dimensions? Based on this, it can be said that economic sanctions by cutting off banking communications, in addition to disrupting money transfers, export operations, imports, financing and foreign investment, increase the risk of foreign investors and disrupt. It has become a monetary and economic policy and has faced the country with a lack of foreign exchange resources and reduced economic growth. Among the digital currencies, he considered the role of private banks in the economy, improving the quality of banking services, interest rate reduction policy, managing foreign exchange reserves, creating and strengthening exchange offices, reducing commission rates and prepayments to be effective in countering banking sanctions.

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