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Iran Sanctions Strict sanctions on Iran’s key energy and financial sectors harmed Iran’s economy and arguably contributed to Iran’s acceptance of at least temporary restrictions on expanding its nuclear program in exchange for modest sanctions relief. The interim nuclear “standstill” agreement (Joint Plan of Action, JPA) has been extended until November 24, 2014, to allow time to translate it into a comprehensive agreement on Iran’s nuclear program. The economic pressure of sanctions included the following: • Oil exports fund nearly half of Iran’s government expenditures and sanctions reduced Iran’s oil exports in 2013 to about 1 million barrels per day—far below the 2.5 million barrels per day Iran exported during 2011. • During 2012-2013, the loss of revenues from oil, coupled with the cut-off of Iran from the international banking system, caused a sharp drop in the value of Iran’s currency, the rial; raised inflation to over 50%; and cut off Iran’s access to most of its hard currency held outside the country.