The decline in the value the rial is unambiguous evidence that the prospect of continued sanctions and economic pressure, including new measures slated to go into effect on February 6, are having a tangible effect on the Iranian economy. Clearly, confidence in the rial and in the regime’s ability to effectively manage the Iranian economy have plummeted. By applying pressure on Iran’s energy, banking, shipping, and industrial sectors, including the automotive sector, the international community has had a tangible impact. We can do more however.
The international community should impose a complete economic blockade on the Iranian regime. A full collapse of the rial would force Tehran to choose between having a nuclear weapon or a functioning economy.
Any business, firm, or entity that does work in Iran should be barred from receiving U.S. government contracts, accessing U.S. capital markets, entering into commercial partnerships with U.S. entities, or otherwise doing business in the U.S. or with U.S. entities. The U.S. and others must use all available economic leverage against the regime.
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