"They include an arms embargo, asset freezes and travel bans, and nuclear, missile and banking sanctions that are expected to impact all sectors of the beleaguered Iranian economy, as most of over 90 million people pay the price over the coming months. The sanctions are binding for all member states, to be enforced using nonmilitary measures. Iran's turbulent regional situation has some fearing more military strikes by Israel and the United States,"
"On Sunday, market reactions showed economic anxiety over Iran's increasing isolation due to the sanctions. The Iranian rial traded at more than 1.3 million per US dollar in Tehran's open currency market on the second day of the working week, but activity was limited amid fluctuations. This marked an all-time low for the rial, which has dropped from 1.06 million per dollar when European powers triggered the snapback process a month ago."
United Nations sanctions on Iran were automatically reinstated after European signatories invoked the 2015 nuclear deal's snapback mechanism. The measures include an arms embargo, asset freezes, travel bans, and nuclear, missile and banking sanctions that are binding on all UN member states and enforced through nonmilitary means. Russia and China opposed the move. Regional tensions raise fears of further military strikes by Israel and the United States following earlier attacks in June that caused extensive casualties and damage. The sanctions have worsened economic conditions, pushing the rial to record lows and increasing hardship for millions of Iranians.
Read at www.aljazeera.com
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