U.S. and EU sanctions on Iran's crude oil exports and its central bank were not supposed to affect either the volume of oil available or its price, provided markets reacted "rationally".
That was the conclusion of an influential report on the "Oil Market Impact of Sanctions Against the Central Bank of Iran", circulated by sanctions advocates at the Foundation for Defense of Democracies in Washington.
The idea that sanctions could reduce Iran's oil revenues without boosting prices for oil-consuming countries was crucial to persuading policymakers in the United States and Europe to impose far-reaching restrictions on Iran's oil sector.
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