DEVELOPMENT OF FINANCIAL MARKET UNDER THE CONDITIONS OF FOREIGN SANCTIONS (THE CASE OF IRAN)
Abstract
The study raises the problem of economic sanctions impact on the financial system of Iran. Economic sanctions are understood as economic actions that are prohibitive in nature and are used by participants of international trade in relation to another participant in order to force them to change own political course. The main restrictions imposed by the group of foreign countries to Iran were expressed in prohibiting the export of nuclear, missile and other military products, foreign direct investment (FDI) in the gas, oil and petrochemical industries, any contact with the Army of the Guardians of the Islamic Revolution, banks and insurance companies, financial transactions and cooperation with the Iranian navy and so on. The article also lists restrictions on the European banks and US financial institutions and companies activities. Finally, the paper considers changes in the monetary policy of Iran and its effectiveness