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Fordham International Law Journal View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Fordham University School of Law Fordham International Law Journal Volume 39, Issue 4 Article 4 The Emerging Investment Landscape of Post-Sanctions Iran: Opportunities, Risks, and Implications on US Foreign Policy Christopher Beall∗ ∗Fordham University School of Law Copyright c by the authors. Fordham International Law Journal is produced by The Berkeley Electronic Press (bepress). http://ir.lawnet.fordham.edu/ilj NOTE THE EMERGING INVESTMENT LANDSCAPE OF POST-SANCTIONS IRAN: OPPORTUNITIES, RISKS, AND IMPLICATIONS ON US FOREIGN POLICY Christopher Beall* INTRODUCTION: A NEW CHAPTER IN IRAN ........................... 841 I. IRAN UNDER THE SANCTIONS REGIME ............................... 845 A. Background & Historical Overview .................................. 846 1. Pre-Revolutionary Iran ................................................ 848 2. The Islamic Revolution & Regional Turmoil ............. 850 3. Reconstruction & Reform ........................................... 858 4. The Ahmadinejad Years ............................................. 865 5. Climax of Sanctions: Rouhani, Obama, & the JCPOA ........................................................................ 872 B. Legal Framework of the Iran Sanctions Regime ............... 874 1. The US Sanctions Regime Targeting Iran .................. 875 2. International Sanctions: Multilateral Resolutions ....... 891 C. The Costs of Sanctioning Iran ........................................... 894 1. Economic Costs .......................................................... 895 2. Political Costs ............................................................. 899 3. Humanitarian Costs ..................................................... 904 D. The JPA ............................................................................. 906 II. IRAN’S POST-SANCTIONS TRANSITION .............................. 908 A. The JCPOA ....................................................................... 909 1. The Agreement ............................................................ 909 * J.D. Candidate, 2017, Fordham University School of Law; M.S., 2013, Arizona State University; B.A., 2011, University of Colorado. I would like to thank Professor Susan Franck for inspiring me to think about the intersection of international relations, human rights, and foreign investment, as well as for her feedback and everything learned in her course on International Investment Law. I would also like to thank Stephanie Torkian and the Editorial Board of the Fordham International Law Journal, whose suggestions and edits made this note a reality. Finally, many thanks to Jessica Beall, whose love and patience was absolutely vital throughout the entire publishing process. 839 840 FORDHAM INTERNATIONAL LAW JOURNAL [Vol. 39:839 2. US Sanctions Lifting Under Section 4 of Annex II of the JCPOA: The “Footnote Six” Issue.................... 911 B. Investor Opportunities ....................................................... 915 1. Key Investment Sectors: Oil, Natural Gas, and Automotive ................................................................. 918 2. Alternative Sectors: Aviation, Finance, Consumer Goods, Tourism, and Renewable Energy .................... 926 C. Investor Risks in Iran ........................................................ 934 1. Commercial Risks ....................................................... 935 2. Political Risks ............................................................. 938 D. Iranian Investment Law ..................................................... 943 1. National Investment Law ............................................ 943 2. International Investment Law ..................................... 950 III. IMPLICATIONS ON US FOREIGN POLICY ........................... 953 A. Engagement Generally: The Post-WWII European Engagement Model ........................................................... 959 B. Engaging Iran: Europe’s Model of Critical Dialogue ....... 962 C. Engagement Today: Can the United States Engage with Iran? .......................................................................... 966 D. Steering Engagement Toward US Foreign Policy Interests ............................................................................. 971 1. Limiting Iran’s Nuclear Capacity & Regional Non- Proliferation ................................................................ 971 2. Encouraging Reform Within the Islamic Republic and/or Regime Change ................................................ 974 3. Enhancing Regional Counterterrorism........................ 981 4. Protecting Traditional US Allies: Saudi Arabia & Israel ............................................................................ 986 a. Ensuring the Interests of Saudi Arabia ................. 987 b. Ensuring the Interests of Israel ............................. 992 5. International Cooperation & Collective Security Across Today’s Middle East Conflicts ....................... 997 6. Old Friends & Old Enemies: Bolstering Europe and Curtailing the Regional Influence of Russia and China .................................................................. 1001 7. Advancing US Economic Interests ........................... 1005 8. Protecting Human Rights in Iran and Abroad ........... 1006 2016] POST-SANCTIONS US POLICY IN IRAN 841 CONCLUSION: CONSIDERATIONS FOR A SOUND US- IRAN ENGAGEMENT STRATEGY ................................... 1011 “[N]ot only should all friendships be safeguarded with the greatest devotion and good faith, but especially those which have been restored to goodwill after enmity.”1 INTRODUCTION On September 28, 2015, in his address before the United Nations General Assembly, Iranian President Hassan Rouhani declared, “a new chapter has started in Iran’s relations with the world.”2 This development emerges from the conclusion of over a year of negotiating efforts concerning the Islamic Republic of Iran’s nuclear program with the P5+1, which resulted in the Joint Comprehensive Plan of Action (“JCPOA”).3 By relaxing decades of trade and investment sanctions in exchange for the imposition of strict limitations on the development of Iran’s civil nuclear program, the JCPOA, according to Rouhani, “showcased the potential for constructive dialogue.”4 Within the United States, the terms and details of the JCPOA have been—like the sanctions regime that preceded it— 1. HUGO GROTIUS, ON THE LAW OF WAR AND PEACE 476 (Stephen C. Neff ed., 2012) (1625). 2. Hassan Rouhani, President of the Islamic Republic of Iran, Statement at the General Debate of the General Assembly of the United Nations (Sept. 28, 2015), http://gadebate.un. org/sites/default/files/gastatements/70/70_Iran_en.pdf [hereinafter Rouhani Statement at the General Assembly]. 3. The P5+1 refers to the five permanent members of the United Nations Security Council—the United States, Russia, China, Great Britain, and France—as well as Germany. In European parlance, the P5+1 is alternatively called the EU+3. See Joshua Keating, You Say P5+1, I Say E3+3, FOREIGN POL'Y (Sept. 30, 2009), http://foreignpolicy.com/2009/09/30/you- say-p51-i-say-e33/; see also Michael R. Gordon & David E. Sanger, Deal Reached on Iran Nuclear Program; Limits on Fuel Would Lesson With Time, N.Y. TIMES, July 14, 2015, http:// www.nytimes.com/2015/07/15/world/middleeast/iran-nuclear-deal-is-reached-after-long- negotiations.html; Joint Comprehensive Plan of Action, U.S. DEP’T OF STATE, http://www. state.gov/e/eb/tfs/spi/iran/jcpoa/ (last visited Apr. 9, 2016) (providing a basic overview of the JCPOA). 4. Rouhani Statement at the General Assembly, supra note 2; see also John Mecklin, The Experts Assess the Iran Agreement of 2015, BULL. ATOMIC SCI. (July 14, 2015), http://thebulletin.org/experts-assess-iran-agreement-20158507 (summarizing how the JCPOA works). 842 FORDHAM INTERNATIONAL LAW JOURNAL [Vol. 39:839 controversial.5 The days and months following the signing of the JCPOA in Vienna on July 14, 2015 witnessed a deeply polarized array of high-profile comments and criticisms, from a wide variety of official and unofficial commentators.6 One way of explaining this controversy is the sizeable diversity of JCPOA stakeholders, each with uniquely situated interests and expectations concerning the deal’s aftermath. For the Obama Administration, which purportedly sought to halt Iran’s nuclear program in a way that would avoid another US war in the Middle East, the JCPOA was envisioned as bringing “extraordinary benefits to our national security and the peace and security of the world.”7 For the State of Israel, which has long considered Iran to be its most threatening regional rival, the JCPOA consisted of a “very bad deal,” representing a victory for “death, tyranny and the pursuit of jihad.”8 Lost in this simplistic dichotomy of “for the deal” or “against the deal” are the contours of those various interests, and how their architecture might influence, or be strategically used to influence, the post-sanctions environment emerging with the JCPOA’s implementation.9 The purpose of this Note is to explore the body of interests that comprise one such stakeholder group: international 5. See Daniel R. DePetris, A Frustrating Iran Deal for Republicans, THE HILL (Sept. 24, 2015), http://thehill.com/blogs/pundits-blog/international/254756-a-frustrating-iran-deal-for- republicans (elucidating Republican opposition to the JCPOA); see also Peter Beinart et al., Is There a Viable Alternative to the Iran
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