Biden Administration

The Trump admin nearly broke Tehran. Biden’s soft stance on sanctions helped the regime get back on track.
Iranian president Ebrahim Raisi / Getty Images Adam Kredo • November 9, 2021 4:59 am

Iran’s stockpile of hard currency has skyrocketed during the Biden administration, rising from just $4 billion at the end of 2020 when sanctions were at their height, to more than $31 billion by the end of 2021, according to projections by the International Monetary Fund.
The Biden administration’s decision to pursue diplomacy with Iran and unwind the Trump administration’s sanctions has helped the country recover from its cash shortage, according to the IMF’s projections. The group says Iran’s cash reserves will top $31 billion by the end of the year and increase up to $42.9 billion by the end of 2022. This number could be even higher if the United States reenters the 2015 nuclear deal and removes all sanctions imposed by the Trump administration. Iran had $122 billion in cash reserves in 2018, when the Trump administration began to tighten the economic noose on Iran. That number dropped to $4 billion by the end of 2020, during the height of the former administration’s “maximum pressure” campaign.
Iran’s access to cash has been bolstered by the Biden administration’s lax enforcement of sanctions on the country’s illicit oil trade, which has increased to record levels amid a buying spree from China, the number-one importer of illegal Iranian crude oil. While Tehran’s oil sector is still sanctioned by the United States, experts told the Washington Free Beacon last week that the Biden administration …