UN Sanctions Effects on the Energy Market
The first sanctions against Iran were those imposed by the United States in November 1979 after a group of radical students seized the American Embassy in Tehran and took the people inside hostage. The sanctions by Executive Order 12170 included freezing about $12 billion in Iranian assets, including bank deposits, gold and other properties, and a trade embargo. These sanctions were lifted as part of the Algiers Accords which was a negotiated settlement of the hostages’ release.