Iran sanctions may have little impact in Canada, except on oil prices

Posted In: News Date:Nov 6th, 2018

The fresh round of sanctions the U.S. imposed on Iran Monday threatens to close off all channels of international banking to the regime, but is unlikely to affect Canadian businesses.

The sanctions aim to block Iran's oil exports, but the impact on oil prices may have already worked its way through the markets, though there could be some volatility in the months ahead.

And how effective the sanctions will be in cutting off Iran economically will depend on how strongly the U.S. imposes punishments on companies and countries that continue to do business there, according to Ian Lee, an expert in international trade and associate professor at Carleton University's Sprott School of Business in Ottawa.