The United States sanctions against Iran were imposed in November 1979 after radical students seized the American Embassy in Tehran and took hostages. The sanctions were imposed by Executive Order 12170, which included freezing about $8,1 billion in Iranian assets, including bank deposits, gold and other properties, and a trade embargo. The sanctions were lifted in January 1981 as part of the Algiers Accords, which was a negotiated settlement of the hostages’ release.