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Planet Money

Iran, protests, and sanctions

07 Feb 2026

Transcription

Chapter 1: What are the main causes of the recent protests in Iran?

1.195 - 3.339 Mary Childs

This is Planet Money from NPR.

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6.424 - 19.107 Ali

Ali goes back to Iran every few years. And in those visits, he always notices how it's changed. Every once in a while, for the better. Like when he was just there in December, he went to a restaurant and looked around.

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19.407 - 25.077 Mary Childs

I was like, wow, I cannot believe I'm sitting at the restaurant and no one is wearing hijab.

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25.259 - 27.241 Ali

None of the women were covering their hair.

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27.541 - 34.568 Mary Childs

They were riding motorcycle bikes. Women were not allowed to ride motorcycle bikes, but they were choosing to do it.

35.068 - 44.197 Ali

But other changes he's noticed have been more ominous. Like this trip, people were way more worried about money than they used to be. He says a decade ago.

44.237 - 52.144 Mary Childs

People were more open. They didn't have to think about their businesses. They didn't have to think about their struggles, like the financial struggles and all that.

52.124 - 64.839 Nick Fountain

The financial struggles, that has been a huge part of the change that Ali's been tracking. He says things changed even over the course of his short visit in December to see family and friends from childhood, the few that stayed.

65.379 - 76.192 Mary Childs

One simple indicator was the price of egg. Yeah. Like a dozen egg, like just within that weeks that I was visiting, just like jumped by 30 something percent.

Chapter 2: How have US sanctions impacted Iran's economy over the years?

210.503 - 216.034 Ali

This protest was about all that, too. But it was triggered by economic pain.

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216.048 - 235.727 Nick Fountain

And a lot of that economic pain is from corruption. But a lot of it is because of the U.S., because of sanctions. The U.S. has been sanctioning Iran in one way or another for 47 years. The aim has been to push the regime to stop arming militias and terrorist groups in the Middle East, to stop pursuing nuclear weapons.

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235.707 - 258.036 Ali

And one way sanctions can push countries towards change is by infuriating their citizens. The economic pain people experience can lead people to pressure their governments to comply, to stop the pain. And for a second in Iran, with those protesters in the street, it looked like sanctions might help achieve the goal of pushing the Iranian government towards change.

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258.961 - 266.134 Nick Fountain

But instead, the regime cracked down. Shot thousands of people in the streets. Imprisoned thousands more. Shut down the internet.

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266.715 - 281.02 Mary Childs

All of a sudden, we saw a panic in the crowd. So we couldn't tell what was happening. We have to move. You hear the panic. You hear people screaming. They're trying to run. There was definitely fear in the air.

281.371 - 289.302 Ali

Ali managed to get home safely. But in the days that followed, as people in Iran got connected back to the internet, he would learn about all the killing.

289.863 - 297.514 Nick Fountain

The Iranian government has said 3,000 people were killed. Independent observers estimate the true number to be many times that, in the tens of thousands.

297.974 - 305.784 Mary Childs

My friends are okay, but when I say okay, no one's okay. People are not okay. They may be alive, but they're not okay.

305.804 - 316.095 Nick Fountain

Ali says you got to keep in mind, the entire history of this regime in Iran has been littered with protests and violent crackdowns, protests and violent crackdowns.

Chapter 3: What triggered the latest protests in Iran?

316.155 - 327.587 Nick Fountain

This is not new. But there is a difference lately, partly because the economic situation has gotten so grim, which is particularly demoralizing for young people.

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327.607 - 347.49 Mary Childs

They're Their lives, their future, their hope, everything's changed, right? They don't have much to look forward to. Basic human rights are not there. That's why most of the people that now you see their photos, most of the people that have been shot are the younger generation because they're fearless.

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347.83 - 356.198 Mary Childs

Of course, they all have a dream too, but they're putting the dream of freedom ahead of their own dreams.

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358.287 - 360.251 Nick Fountain

Hello and welcome to Planet Money. I'm Nick Fountain.

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360.511 - 374.237 Ali

And I'm Mary Childs. Today, as we hit publish on this episode, representatives from the U.S. and Iran have just met in Oman after a week in which President Donald Trump threatened attacks and Iran continued to crack down on protesters.

374.386 - 394.592 Nick Fountain

The protests in Iran are about so many things. The biggest things. Human rights, women's rights, anti-corruption, freedom. But this time, they are also motivated by economic hardship caused, in part, by U.S. sanctions. Today on the show, what were those sanctions? What do they do to Iran's economy? And what has been the result?

395.073 - 426.448 Ali

Sanctions are supposed to avert war, but how different from war are they really? So what are sanctions? Sanctions are a tool countries use to try to get another country to do what it wants, like to stop being communist or to stop doing a war. The idea is to influence political behavior without military force by imposing restrictions on trade and capital instead.

426.428 - 439.481 Nick Fountain

But as a tool, most experts will tell you they only work some of the time. Like when communication is really good, the goal's really narrowly defined, and the targeted country isn't too big or too well integrated into the global economy.

439.742 - 450.493 Ali

The U.S. 's sanctions on Iran have not always conformed to those expert recommendations. Nonetheless, the U.S. has had sanctions on Iran for basically the past 47 years.

Chapter 4: What role do sanctions play in the protests against the Iranian regime?

854.333 - 870.473 Iva Leila

It's not that far from where they're sitting. I could see the movie of what I was reading in my in my mind's eye, that they're commenting on, oh, wow, wait, what's going on outside? What's the latest news and what's happening? And that really radicalizes the direction of the discussion.

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870.513 - 888.268 Ali

And then there's one more key piece of news in the archives. The U.S. responds to the hostage situation by putting its first sanction on Iran, freezing assets held in the U.S. until they released the hostages. And all this, the students, the American pressure.

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888.588 - 894.994 Iva Leila

It changes the mood of the room. And it's like you can see it's like this flashpoint where it sort of could have gone in a slightly different direction.

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895.034 - 913.393 Nick Fountain

Economically, the mood changed in favor of shutting out foreign investment. One guy suggests banning foreign companies from getting any concessions, permission to operate in the country. And Eva Leila writes in her book, they quickly whip up a line and put it in the Constitution. Absolutely forbidding foreign concessions. They go full protectionist.

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913.373 - 923.725 Iva Leila

And they make those decisions in the context of this really live, discursive war with the Americans and conflict through the embassy seizure.

923.965 - 943.228 Ali

That's one of the big things Iwilela found in all those big books, that the hostage situation and the sanctions that followed, the clear desire to keep foreign influence out of Iran, helped calcify Iran's oppositional stance. Their whole economic identity was created in opposition to the U.S. and the West.

943.377 - 952.473 Nick Fountain

Which meant for the coming decade, while growing global trade was lifting its peer countries, Iran was cut off voluntarily and through sanctions.

952.954 - 958.804 Ali

Iran in this period wanted to have its own economy. The idea being we can do it all ourselves.

958.784 - 973.401 Nick Fountain

That proved pretty challenging. At that same time, Iran and Iraq began a devastating eight-year war. Iran needed foreign imports, like raw materials and consumer goods, which made surviving with a closed economy even more difficult.

Chapter 5: How has the Iranian government responded to recent protests?

1098.551 - 1102.14 Nick Fountain

And it started to change policies to actively attract foreign investment.

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1102.34 - 1115.823 Ali

And over time, this liberalization basically worked. GDP grew in fits and spurts, but keeping pace with its peers like Turkey. The middle class of Iran was growing. Economically, things were basically fine.

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1116.203 - 1133.868 Nick Fountain

And all of that happened while there were U.S. sanctions. During the 90s, the U.S. imposed sanctions on Iran for state sponsorship of terrorism, and also because Iran was pursuing nuclear capabilities. But Iran was able to find enough economic partners that weren't the U.S. Those sanctions were kind of weak sauce.

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1133.888 - 1149.289 Ali

Yar actually got to see the results of this second period of our economic history of Iran, the yield of those two decades of opening up and economic growth. In 2013, Yar's dad went back to Iran again, and this time, Yar went with him. He was in college at the time.

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1149.404 - 1165.523 Nick Fountain

The country hadn't opened up much politically. Women still had to wear hijabs. Homosexuality was still a crime. The state was executing increasing numbers of people. Huge anti-government protests were violently quashed. But economically, Iran was surprisingly vibrant.

1165.503 - 1184.153 Asfand Yar Batmagellich

You could see that this was a country where most of the things in the stores were made in Iran, where unlike most countries, the cars that people were driving were made in the country. This was a country where you had a diversified economy with a large services sector and you had

1185.297 - 1208.44 Asfand Yar Batmagellich

local manufacturing you had of course agricultural sector as well and then the oil sector was like you know a part of it how did that manifest as you're like on the ground walking around with your dad Yeah, I mean, it seems crazy, but traditionally people would be buying their food and household goods in a bazaar. But the country was moving towards basically modern supermarkets.

1208.72 - 1227.302 Asfand Yar Batmagellich

And in fact, in Iran at the time, there was a joint venture between the French supermarket giant Carrefour and a UAE company called Maggi Del Futame. And they were building hypermarkets, supermarkets the size of like a Walmart. And it was revolutionizing modern retail in Iran.

1227.434 - 1232 Ali

There were more mall developments going up. People were buzzing around buying their things.

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