More Stories
Iran’s Revolutionary Guard intelligence unit questioned members of the Tehran Chamber of Commerce this week over a report warning of severe economic fallout if UN sanctions return, sources told Iran International.
The report, published earlier this week, projected the rial could fall to 1.65 million per dollar and inflation could reach 90% under a pessimistic scenario if the snapback mechanism is triggered. The chamber has since retracted the report under pressure, the sources said, and board members have been restricted from publicly commenting on its contents.
Russia’s envoy to international organizations in Vienna, Mikhail Ulyanov, criticized the UK, France and Germany on Thursday for invoking the UN snapback mechanism, calling it “a big mistake” and “yet another irresponsible step” that could lead to “a total deadlock.”
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.
