U.S. Treasury Secretary: Sanctions Have Reduced Iran's Oil Revenues by $160 Billion Over 3 Years

Jacob Lew, the U.S. Treasury Secretary, while supporting nuclear negotiations and denying a report about an increase in Iran's nuclear fuel reserves, stated that since 2012, sanctions have reduced Iran's oil revenues by $160 billion. This U.S. official, speaking on June 6 to a group of supporters of Israeli policies, expressed support for ongoing nuclear negotiations between global powers and Tehran. According to the Associated Press, his speech, delivered in New York at an annual conference organized by the Israeli newspaper Jerusalem Post, was interrupted several times by jeers and comments from the audience. Lew emphasized that a diplomatic solution is the best and most sustainable way to achieve the goal of preventing Iran from acquiring nuclear weapons. He also stressed that Washington will do whatever is necessary to prevent Iran from obtaining nuclear weapons, stating, 'This is not only for the security of Israel but for the security of America.' His comments reflect Western suspicions about the military objectives of Iran's nuclear program, which Tehran has always denied, claiming that the program only pursues peaceful goals. However, these statements alone have not been sufficient for the international community and Western countries, and during Mahmoud Ahmadinejad's presidency, as cooperation between Tehran and international monitoring organizations decreased, Iran faced extensive global sanctions. The U.S. Treasury Secretary also referred to the cost of these sanctions, stating that since 2012, sanctions have reduced Iran's oil revenues by $160 billion, which has led to a contraction of about 9% in Iran's economy in the two years leading up to March 2014. Lew simultaneously rejected a report by The New York Times regarding an increase in Iran's nuclear fuel reserves. The New York Times had published an article on June 1 citing 'international inspectors' that claimed Iran's nuclear fuel reserves had increased by about 20% over the past 18 months. The U.S. Treasury Secretary stated that even if these reserves have fluctuated over the past 18 months, the total amount has ultimately remained what was established in the initial agreements between Tehran and Western countries.