The Iranian regime suffered another major setback when the E3 (Britain, France, and Germany) announced on September 28 that sanctions had been reinstated on Iran. The “snapback” reinstates all sanctions imposed before the Joint Comprehensive Plan of Action (JCPOA)nuclear accords in 2015. The E3’s action is a blow to Iran’s diplomacy: Iranian negotiators, led by Foreign Minister Abbas Araghchi, had worked hard to prevent the reactivation of the snapback mechanism, however, their efforts were doomed to failure as they sought to accomplish that goal without offering any concessions.
The move dealt a severe blow to Iran’s economy, leading to market turmoil and raising fears of higher inflation and tighter restrictions on oil exports. The sanctions came after months of economic instability, exacerbated by the twelve-day war with Israel, which deepened the negative trends already afflicting Iran’s economy.
Read the full article on the Jerusalem Institute for Strategy and Security.
Alex Grinberg is a Senior Fellow at the Turan Research Center.