Effect of sanctions on iranian economy and businesses: An integrative literature review approach

Sanctions are when one or more countries decide to take an economical or political action against another country or a person(s) or an organization to put pressure on the country to change its behavior. Islamic Republics of Iran has been under sanctions since the Islamic revolution of 1979. This piece of research uses an Integrative Literature Review approach to show the damage on Iranian economy and businesses because of sanctions and show how Iran reacted with some ways to mitigate the effect of them. The most and intensive sanctions on Iran happened between 2010 and 2018. Sanctions which mostly lead by United States of America and to the second-degree European Union. As the result of sanctions GDP of Iran shrank significantly mostly because of the sanctions on Iranian Oil exports. Restrictions on Iranian banks caused the fall of value of Rial (Official Currency of Iran) and huge inflation which caused prices to increase drastically. Businesses in Iran hit significantly and caused to operate with the minimum profits. As the result of banning Iranian banks to transact through SWIFT, Iranian businessmen and companies faced serious challenges to trade with foreign countries and companies for imports and exports. These sanctions mostly happened during Obama and Trump administration. Most importantly, in 2018 Trump administration unilaterally existed from Iran's nuclear deal and started the maximum economical pressure on Iran caused the exports of Iranian oil to become extremely low buy putting pressure on Iranian oil buyers to stop buying it. As recommendations I should say that Iran definitely should look at self-sufficiency rather than imports especially on necessary goods like food and medicine along with continue cooperating with countries other than the west for instance, BRICS and SCO to lower the effect of sanctions.