The European Union (EU) has been using economic sanctions both as a foreign policy tool and as a liberal alternative to military action. Since 2006, it has been implementing general sanctions against the whole economy of Iran, affecting their trade relations, and since 2007, following the imposition of sanctions by the UN Security Council, it has also been using smart sanctions targeting Iranian entities and natural persons associated with the country's military activities. In a nonlinear autoregressive distributed lag (NARDL) model, this paper investigates the impact of general and targeted EU sanctions against Iran on quarterly bilateral trade values between the 19 members of the euro area (EA19) and Iran between the first quarter of 1999 and the fourth quarter of 2018. In a robustness NARDL specification, trade between Iran and the 28 members of the EU is analysed. In addition, a gravity model of bilateral trade between Iran and the EU member states is run in a robustness check. The results indicate that the EU's general sanctions have strongly hampered trade flows between the two trading partners in almost all sectors, except for the primary sectors. Furthermore, our study finds that the impact of smart sanctions targeting Iranian entities and natural persons is much smaller than the impact of general sanctions on total trade values and the trade values of many sectors. Smart sanctions affect the exports of most sectors from the EA19 and the EU28 to Iran, while they are statistically insignificant for the imports of many sectors from Iran. Thus, this paper provides evidence of the motivations behind smart sanctions, which target specific individuals and entities rather than the whole economy, unlike general sanctions, which have a negative impact on ordinary people.

中文翻译：

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欧盟对伊朗实施的制裁对其双边贸易的影响：一般制裁与定向制裁

欧盟（EU）一直在使用经济制裁作为外交政策工具和军事行动的自由替代方案。自 2006 年以来，它一直对伊朗整个经济实施全面制裁，影响其贸易关系，自 2007 年以来，在联合国安理会实施制裁后，它还对与伊朗有关联的实体和自然人实施了智能制裁。随着国家的军事活动。在非线性自回归分布滞后 (NARDL) 模型中，本文研究了从 1999 年第一季度到 2019 年第一季度，欧盟对伊朗的一般性和有针对性的制裁对欧元区 19 个成员国 (EA19) 与伊朗之间的季度双边贸易值的影响。 2018 年第四季度。在稳健性 NARDL 规范中，分析了伊朗与欧盟 28 个成员国之间的贸易。此外，对伊朗与欧盟成员国之间双边贸易的引力模型进行了稳健性检验。结果表明，欧盟的全面制裁严重阻碍了两个贸易伙伴之间几乎所有领域的贸易流动，但初级产业除外。此外，我们的研究发现，针对伊朗实体和自然人的明智制裁的影响远小于一般制裁对贸易总额和许多部门贸易价值的影响。明智的制裁影响了从 EA19 和 EU28 到伊朗的大多数行业的出口，而对于从伊朗的许多行业的进口，它们在统计上微不足道。因此，本文提供了智能制裁背后动机的证据，