Current sanctions issued in May 2023 for Iran:

  • Sanctions on the Islamic Revolutionary Guard Corps (IRGC): The United States imposed new sanctions on the IRGC in May 2023. These sanctions target the IRGC's financial assets and its ability to acquire weapons and technology.
  • Sanctions on the Central Bank of Iran: The United States imposed new sanctions on the Central Bank of Iran in May 2023. These sanctions target the Central Bank's ability to access the global financial system and to conduct foreign exchange transactions.
  • Sanctions on individuals and companies: The United States and the European Union imposed new sanctions on individuals and companies that are involved in Iran's nuclear program, its ballistic missile program, or its human rights abuses. These sanctions prohibit these individuals and companies from doing business with the United States or the European Union, and they also freeze their assets.

The sanctions in May 2023 are part of a broader effort by the United States and its allies to pressure Iran to change its behavior. The sanctions are designed to make it difficult for Iran to fund its nuclear program, its ballistic missile program, and its support for terrorism.

The sanctions have had a significant impact on the Iranian economy. The oil and gas sanctions have led to a decrease in oil exports, which has reduced government revenue. The financial sanctions have made it difficult for businesses to operate, and they have also led to a decrease in foreign investment. The sanctions on individuals and companies have made it difficult for Iran to acquire the technology and equipment it needs to develop its economy.

The sanctions on Iran have been controversial. Some people argue that the sanctions are necessary to pressure Iran to change its behavior. Others argue that the sanctions are counterproductive and that they are hurting the Iranian people more than the Iranian government.

The future of the sanctions on Iran is uncertain. The United States and the European Union have said that they are willing to lift the sanctions if Iran agrees to certain conditions, such as halting its nuclear program and its ballistic missile program. However, Iran has refused to comply with these conditions, and it is unclear whether the sanctions will be lifted in the near future.

The sanctions on Iran are impacting Turkey in a number of ways, including:

  • Reduced trade: Turkey's trade with Iran has declined significantly since the sanctions were imposed. In 2018, Turkey's exports to Iran were worth $2.4 billion, but they fell to $1.1 billion in 2022. Turkey's imports from Iran also declined, from $5.8 billion in 2018 to $2.5 billion in 2022.
  • Increased inflation: The sanctions have also contributed to inflation in Turkey. In 2022, inflation in Turkey was 73.5%, the highest rate in 20 years. The sanctions have made it more expensive for Turkey to import goods and services, which has put upward pressure on prices.
  • Reduced economic growth: The sanctions have also slowed economic growth in Turkey. In 2022, the Turkish economy grew by just 1.1%, the slowest rate in seven years. The sanctions have made it more difficult for businesses to operate and invest, which has dampened economic growth.
  • Increased political tensions: The sanctions have also increased political tensions between Turkey and the United States. Turkey has accused the United States of trying to strangle the Turkish economy, and the United States has accused Turkey of not doing enough to pressure Iran to change its behavior.

The sanctions on Iran are having a significant impact on Turkey. The sanctions have reduced trade, increased inflation, slowed economic growth, and increased political tensions. It is unclear how long the sanctions will remain in place, but they are likely to continue to have a negative impact on Turkey's economy and its relations with the United States.

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