US President Bill Clinton issues executive orders to generally prohibit the export of all goods and services from the United States to Iran or from Iran to the United States. The sanctions aren’t implemented, however, after European countries protest, until 2010. The law requires the United States to slap sanctions on foreign companies that invest more than $20 million a year in Iran’s oil or gas sector. It seeks to penalize entities for investing in Iran’s petroleum industry, which could give it access to funds to develop or acquire weapons of mass destruction or finance terrorism. It declares “that it is US policy to oppose any transfer of goods or technology to Iraq or Iran whenever there is reason to believe that such transfer could contribute to that country’s acquisition of chemical, biological, nuclear, or advanced conventional weapons.” 1996Īugust 5: The US Congress passes the Iran-Libya Sanctions Act, later known as the Iran Sanctions Act. The US Congress passes the Iran-Iraq Arms Nonproliferation Act of 1992. January 19: The US Department of State designates Iran a state sponsor of terrorism for repeatedly providing “support for acts of international terrorism.” The designation brings with it sweeping US sanctions. Iranian imports to the United States are banned and $12 billion in Iranian assets are frozen. November: The United States imposes sanctions after Iranian students storm the US Embassy in Tehran and take diplomats hostage. Here’s a quick look at the history of sanctions on Iran. Trump is expected to announce his decision on May 8 on whether to continue to waive sanctions on Iran or pull the United States out of a multilateral nuclear agreement with the Islamic Republic.