Iran’s Riyal currency falls to near record lows for European ‘snapshot’ sanctions threat
Dubai, United Arab Emirates (AP) – With Tehran’s concerns, Iran’s riyal currency fell to a near-record low on Thursday, European countries will begin a process of sanctions against the Islamic Republic on its nuclear program, further squeezing the country’s economy.
The move is called the “quick return” mechanism for diplomats, who negotiated it with the world’s major powers’ 2015 nuclear agreement, designed to veto the world’s institutions before it and may take effect after a 30-day window. If implemented, the measure would once again freeze Iranian assets abroad, stop weapons handling Tehran, and punish any developments in its ballistic missile program, among other measures.
On Thursday, in Tehran, RIAL is trading more than $1 million to $1. At the time of the 2015 agreement, it traded at $32,000 to $1, showing a sharp collapse in the currency since then. Rial hit 1,043,000 Rials at its lowest point in April, to $1.
France, Germany and Britain warned on August 8 that Iran stopped IAEA’s inspections after the Israeli strikes after the Israeli strikes at the beginning of the war on June 12. The Israeli attack then killed Tehran’s top military leader and saw Supreme Leader Ayatollah Ali Khamenei hiding.
Iran seems to have resigned
Iran initially downplayed the threat of resanctions and had little apparent diplomacy within weeks of warning from Europe, but has made a brief diplomatic push in recent days, highlighting the chaos of theocratic politics.
Foreign Secretary Abbas Araghchi spoke last week to show Iran’s fatalistic view on Western diplomacy, especially when the Israelis began a war, when the sixth round of negotiations with the United States were in progress.
“When the war happened, weren’t we in negotiations? So, negotiation alone could not stop the war,” Aragic told the National IRNA News Agency. “Sometimes war is inevitable, and diplomacy alone cannot stop it.”
What is controversial is Iran’s nuclear abundance
Before the June war, Iran would be 60% rich in purity, short of 90% of the weapon level. It also builds a storage volume that contains uranium high enough to make multiple atomic bombs if it chooses to do so.
Iran Long insists that its plan is peaceful, although Western countries and the International Atomic Energy Agency assessed that Tehran had no active nuclear weapons program until 2003.
It is unclear that Israel and the United States bother Iran’s planned nuclear strikes in the war.
