Esfandyar Batmanghelidj

Esfandyar Batmanghelidj is the founder and CEO of the Bourse & Bazaar Foundation, a London-based think tank focused on Iran's economy, trade, and the impact of international sanctions. He is widely regarded as the leading independent analyst of Iranian political economy and sanctions in the Western policy world. His research challenges the effectiveness of maximum-pressure sanctions as a tool for political change, arguing they harm Iranian civil society while strengthening regime-connected economic actors. He co-authored How Sanctions Work: Iran and the Impact of Economic Warfare (2023) with Narges Bajoghli and others. He publishes regularly in Foreign Affairs, the Financial Times, and contributes to Chatham House and other policy forums.