Iranian Currency Falls to Record Low

The dollar was selling for as much as 447,000 rials on Iran's unofficial market on Saturday
The dollar was selling for as much as 447,000 rials on Iran's unofficial market on Saturday
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Iranian Currency Falls to Record Low

The dollar was selling for as much as 447,000 rials on Iran's unofficial market on Saturday
The dollar was selling for as much as 447,000 rials on Iran's unofficial market on Saturday

Iran's troubled currency fell to a record low against the US dollar on Saturday amid the country's increasing isolation and possible Europe Union sanctions against Tehran's Revolutionary Guards or some of its members.

Ties between the EU and Tehran have deteriorated in recent months as efforts to revive nuclear talks have stalled. Iran has detained several European nationals and the bloc has become increasingly critical of the violent treatment of protesters and the use of executions.

The EU is discussing a fourth round of sanctions against Iran and diplomatic sources have said members of the Revolutionary Guards will be added to the bloc's sanctions list next week. But some EU member states want to go further and classify the Guards as a whole as a terrorist organization, Reuters reported.

The dollar was selling for as much as 447,000 rials on Iran's unofficial market on Saturday, compared with 430,500 the previous day, according to the foreign exchange site Bonbast.com.

The rial has lost 29% of its value since nationwide protests following the death in police custody of a 22-year-old Kurdish Iranian woman, Mahsa Amini, on Sept. 16.



France, UK and Germany Would Restore UN Sanctions on Iran Next Month without Progress on a Deal

The United Nations flag flies on a stormy day at the UN during the United Nations General Assembly, Sept. 22, 2022. (AP Photo/Ted Shaffrey, File)
The United Nations flag flies on a stormy day at the UN during the United Nations General Assembly, Sept. 22, 2022. (AP Photo/Ted Shaffrey, File)
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France, UK and Germany Would Restore UN Sanctions on Iran Next Month without Progress on a Deal

The United Nations flag flies on a stormy day at the UN during the United Nations General Assembly, Sept. 22, 2022. (AP Photo/Ted Shaffrey, File)
The United Nations flag flies on a stormy day at the UN during the United Nations General Assembly, Sept. 22, 2022. (AP Photo/Ted Shaffrey, File)

The United Kingdom, France and Germany have agreed to restore tough UN sanctions on Iran by the end of August if there has been no concrete progress on a nuclear deal, two European diplomats said Tuesday.

The three countries' ambassadors to the United Nations met Tuesday at Germany’s UN Mission to discuss a possible Iranian deal and reimposing the sanctions. The matter also came up in a phone call Monday between US Secretary of State Marco Rubio and the foreign ministers of the three countries, according to two US officials.

The State Department said after the call that the four had spoken about “ensuring Iran does not develop or obtain a nuclear weapon.”

The officials and diplomats spoke on condition of anonymity to discuss private conversations.

The UK, France and Germany are part of an agreement reached with Iran in 2015 to rein in its nuclear program, from which President Donald Trump withdrew the US during his first term, insisting it wasn’t tough enough.

Under the accord that lifted economic penalties on Iran in exchange for restrictions and monitoring of its nuclear program, a so-called “snapback” provision allows one of the Western parties to reimpose UN sanctions if Tehran does not comply with its requirements.

French Foreign Minister Jean-Noel Barrot told reporters in Brussels Tuesday that the three European countries would be justified in reapplying sanctions.

“Without a firm, tangible, and verifiable commitment from Iran, we will do so by the end of August at the latest,” Barrot said, according to Reuters. One of the diplomats confirmed his comments to The Associated Press.

The diplomats did not provide details of the deal being sought. Iranian Foreign Minister Abbas Araghchi said in recent days that Tehran would accept a resumption of nuclear talks with the US if there were assurances of no more attacks, following Israeli and US strikes on its nuclear facilities.

He said there should be “a firm guarantee that such actions will not be repeated, stressing that “the attack on Iran’s nuclear facilities has made it more difficult and complicated to achieve a solution."

The United States and Iran held several rounds of negotiations over the Iranian nuclear program before the Israeli strikes began in June. Trump and his Middle East envoy, Steve Witkoff, said last week that talks would happen soon, but nothing has yet been scheduled.

Araghchi, whose country insists its nuclear program is for peaceful purposes, said in a July 2 CBS interview that “the doors of diplomacy will never slam shut.”

Iran's UN Mission had no comment Tuesday on the threat of renewed sanctions if there is no deal.

Iranian President Masoud Pezeshkian said last week that the US airstrikes so badly damaged his country’s nuclear facilities that Iranian authorities still have not been able to access them to survey the destruction. Iran has suspended cooperation with the IAEA.