The sanctions imposed during the Iranian Hostage Crisis had a substantial impact on Iran’s economy, but it would not be enough.
America's first experience of Islamic terrorism ended in humilating her: a super power that succombed to terrorism.
“The most effective U.S. measure was the asset freeze, which effectively immobilized $12 billion in Iran’s assets, including most of its available foreign exchange reserves"
~ Robert Carswell and Richard J Davis; authors of American Hostages in Iran
~Mike Moeller, Former Hostage; Interview 2022
"Iran Hostage Crisis Significance in History"
~Mike Moeller, Former Hostage; Interview 2022
"Could Diplomacy Have Prevented Crisis"
The United States and Iran cut all formal diplomatic relations in 1980 as a result of the hostage crisis. With no embassy in Iran, Switzerland provides limited services. Iran no longer has an embassy in Washington, D.C.
Iran has been designated as a state sponsor of terrorism by the United States, United Nations and the European Union and remains under sanctions and export controls. In 2015, some sanctions were lifted when Iran agreed to restrictions on its nuclear program. However, three years later the United States reinstated sanctions again.
“There are some of the hostages currently suing Chase Manhattan who had a lot of money invested in Iran and pushed the U.S to let the Shah in.”
~Mike Moeller, Former Hostage; Interview 2022
In 2015, Congress authorized payments of up to $4.4 million with the United States Victims of State Sponsored Terrorism Act legislation.
"I think it's a travesty that our country denied our rights to take action against Iran for holding us hostage," Moeller referring to the Algiers Accords, barring the captives from suing Iran."
~Mike Moeller, Former Hostage; Interview 2022
"Even though it was set up for us because we could not sue Iran directly, only a small portion of that money has been paid. The terms of who qualifies to get the money was complicated because 9-11 victims and 200 other groups/organizations applied from the same fund."
~Mike Moeller, Former Hostage; Interview 2022
~Mike Moeller, Former Hostage; Interview 2022 "Algiers Accord Fair for the Hostages"