Iran’s foreign exchange reserves and trade system are structured to withstand renewed UN sanctions, Deputy Foreign Minister for Economic Diplomacy Hamid Ghanbari said on Thursday, dismissing the potential impact of the “snapback” process launched by European powers.
He told state TV that “today’s sanctions are fundamentally different” from those imposed with full international consensus in past years, and added that Iran's current reserve management is “insulated” against such measures.
The UN Security Council will hold a closed-door meeting on Friday to discuss efforts by European powers to reimpose sanctions on Iran, AFP reported, citing diplomatic sources.
France and Britain requested the session, which is scheduled for 10 a.m. in New York.

Iran is prepared to restart "fair and balanced" negotiations over its nuclear program if Western powers act with goodwill, Foreign Minister Abbas Araghchi said on Thursday in a letter to EU foreign policy chief Kaja Kallas.
His message came hours after Britain, France and Germany triggered the UN snapback process to restore sanctions on Tehran.
An Iranian member of parliament on Thursday said he was urgently drafting legislation to pull Tehran from the Nuclear Non-Proliferation Treaty (NPT) as retaliation for a move by European states to reimpose UN sanctions.
The plan, MP Hossein Ali Haji-Deligani told the Tasnim news agency, could be approved by parliament as early as next week.
The NPT, which Iran ratified in 1970, allows countries to acquire civilian nuclear power but bars the pursuit of atomic weapons and mandates cooperation with the UN nuclear watchdog the International Atomic Energy Agency.
"Other measures that are regrettable for the key countries of the snapback will also be taken," he added without elaborating.
"There is no one in Iran who does not believe that negotiations with these countries are useless, so we must stop all our negotiations with them until they stop this duplicitous behavior."

"Will Europe live in a safer world if they use this dispute resolution mechanism in bad faith in order to go back to Security Council resolutions that we all decided to stop? What are they trying to gain? They try to support Israel," former top nuclear negotiator Mohammad-Javad Zarif told Foreign Policy in an interview.
Speaking before the Germany, Britain and France triggered a mechanism from the 2015 international nuclear deal the Joint Comprehensive Plan of Action to reimpose UN sanctions, Zarif said the troika was abusing that agreement.
"I don’t know what audacity they have in order to try to use the dispute resolution mechanism. It’s not called snapback in the JCPOA or the (United Nations) Security Council. It’s called 'dispute resolution mechanism.'"
The relative moderate added that the snapback move was part of an Israeli-Western strategy to confront Iran and thwart diplomacy.
"They use war, and then they use diplomacy, and then they use mechanisms to resolve disputes. This is indicative of bad faith."

Iran could face fresh shocks to its already deeply rattled currency, costs of living and growth prospects if UN sanctions lifted by a 2015 nuclear deal are reimposed.
Activation of the snapback mechanism would reinstate comprehensive UN sanctions which would include travel bans, asset freezes, UN inspections of Iranian shipments and arms trade prohibitions—but notably exclude direct sanctions on oil exports or the Central Bank of Iran.
Renewed UN sanctions would indirectly reduce oil revenues, constrain access to foreign currency and place heavy pressure on the rial.






