UPDATE: The United Nations is poised to impose sweeping sanctions on Iran at midnight GMT following the collapse of nuclear negotiations with Western powers. This marks the first time in a decade that such measures will take effect, amplifying tensions in an already volatile region.
Late Saturday, Iranian President Masoud Pezeshkian condemned an offer from the United States that would require Iran to surrender its entire stockpile of enriched uranium in exchange for a mere three-month reprieve from sanctions. Pezeshkian described the proposal as “unacceptable,” stating, “This is by no means acceptable,” during a press conference in New York.
Despite efforts by Russia and China to delay these sanctions until April, their proposal failed to secure enough votes in the Security Council, leading to the imminent enforcement of sanctions. European powers previously triggered the “snapback” mechanism a month ago, citing Iran’s non-compliance with the obligations of the 2015 nuclear deal.
In a concerning economic forecast, an Iranian engineer, identified as Dariush, expressed fears about the repercussions of renewed sanctions, stating, “The current (economic) situation was already very difficult, but it’s going to get worse.” He noted the black market exchange rate had surged to a staggering 1.12 million rials per dollar, a record high that is intensifying inflation and driving up prices across the board.
At Tehran’s Grand Bazaar, the atmosphere was charged as locals rushed to buy gold in anticipation of the economic fallout. “Most people fear another war because of the snapback,” Dariush lamented, reflecting widespread anxiety among citizens about the future.
The upcoming sanctions will reinstate a global ban on transactions with individuals and organizations linked to Iran’s nuclear and ballistic missile programs. This move is expected to exacerbate existing economic challenges, as the country grapples with high inflation and currency instability.
In a statement prior to the sanctions, Pezeshkian accused the United States of leveraging the nuclear issue as a pretext for destabilizing the Iranian government. He emphasized that Iran has no intentions of developing nuclear weapons, asserting, “Why would we put ourselves in such a trap and have a noose around our neck each month?”
The diplomatic landscape has been further complicated by ongoing military tensions, including the recent bombings attributed to Israeli forces that reportedly killed over 1,000 people in June. In a recent address to the UN General Assembly, Israeli Prime Minister Benjamin Netanyahu urged a swift reinstatement of sanctions, hinting at potential further military actions.
As the clock ticks down to midnight, global observers are questioning the level of enforcement that will follow the sanctions. Russian Deputy Ambassador Dmitry Polyansky has already declared the renewed sanctions “null and void,” signaling potential resistance from major powers.
With the future of Iran’s nuclear program hanging in the balance, the international community is on high alert. The developments over the next few hours could redefine the geopolitical landscape, making this a critical moment for Iran and its global relations. As the countdown proceeds, all eyes will be on Tehran and the reactions from world leaders.
