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China and Russia have submitted a draft resolution to the UN Security Council to extend the Joint Comprehensive Plan of Action (JCPOA) and Resolution 2231 by six months, until 18 April 2026. Both are set to expire on 18 October.
The draft was placed in blue on Thursday, but no vote has been scheduled yet, according to the Security Council Report.
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.
