The Biden-Harris administration acknowledged in early October that Iran has experienced an increase in enrichment as a result of its policies and governance.
Iran is recognized as the foremost state sponsor of terrorism globally, supporting various terrorist organizations across the Middle East that have targeted U.S. and Israeli forces since the Hamas assault on Israel on October 7, 2023, including groups such as Hezbollah and the Houthis. In recent years, the Biden-Harris administration appears to have relaxed sanctions on Iran, enabling the Islamic regime to accumulate billions in oil revenue. A recent report from the administration, released in October, details the extent of the regime’s financial gains.
During the Trump administration’s “maximum pressure” sanctions strategy, Iran’s oil revenues plummeted from approximately $65 billion in 2018 to $28 billion in 2019, and further declined to $16 billion in 2020, as reported by the U.S. Energy Information Administration (EIA). However, following President Joe Biden’s inauguration, Iranian oil revenues saw a significant increase, reaching $37 billion in 2021, $54 billion in 2022, and $53 billion in 2023.
If 2024 follows 2023, that's roughly $200 billion in oil revenue for Iran under the Biden-Harris administration. Annual oil revenue for Iran today is more than 3x higher than under Trump in 2020. Totally insane. This is not due to "sanctions evasion." This is by design.
— Richard Goldberg (@rich_goldberg) October 9, 2024
Iran’s oil sector stands as a significant source of revenue for the nation, and the current regime has experienced greater financial benefits under the Biden administration compared to the Trump administration. While the Biden-Harris administration has not publicly relaxed sanctions, it has not enforced them as rigorously as its predecessor, enabling Tehran to accumulate substantial financial resources. The rationale behind this approach remains somewhat ambiguous, although the administration has been attempting for years to re-engage Iran in a nuclear agreement—a multilateral accord established during the Obama administration that permitted sanctions relief for Iran, contingent upon its commitment to refrain from advancing its nuclear program. In 2018, Trump withdrew from this agreement, expressing concerns that Tehran was generating significant revenue while continuing to develop its nuclear capabilities in violation of the agreement’s stipulations.
Iran plays a crucial role in the ongoing conflict in the Middle East, which has resulted in the loss of tens of thousands of lives and has involved other Western nations, including the United States. Following the Islamic regime’s launch of approximately 180 missiles into Israeli territory on October 1, Israel is anticipated to initiate retaliatory actions against Iran.
