The political economy of sanctionsMost commentary on political crisis in Iran oscillates between two convenient, reductive narratives. Any serious account of Iran’s crisis must confront both the external sanctions regime and the internal machinery that manages crisis through austerity and repression. Between 2019 and 2022, Debsh Tea, a privately owned importer and producer, received billions of dollars in preferential foreign exchange earmarked for essential imports. One widely cited instance is the Supreme Audit Court dispute over $4.8 billion in preferential foreign exchange reportedly disbursed to importers with no corresponding imports documented. The Daroyar reform — a 2022 overhaul of drug subsidies — ended preferential foreign exchange for medicine and shifted the subsidy to an insurance-based reimbursement system.