"Iran's currency has been sharply depreciating again as European powers push to reinstate United Nations sanctions against the country amid stalled diplomacy and fears of war with Israel and the United States. The US dollar hit a price of more than 1.06 million rials in Tehran's open currency market on Monday, slightly higher than before Tehran and Washington started mediated negotiations in April."
"France, Germany and the United Kingdom, the remaining European parties to Iran's 2015 nuclear deal with world powers, have triggered the snapback mechanism of the accord that could automatically reinstate UN sanctions lifted in exchange for curbs on Iran's nuclear programme. The European allies have now effectively given Iran a one-month deadline to negotiate an agreement that could defer snapback for a year or less."
"Iran, which has long maintained that its nuclear programme is peaceful, has said the Western allies have demanded conditions that must be the outcome of negotiations, not the starting point, so they cannot be met. IAEA inspectors were allowed to oversee fuel replacement at the Bushehr Nuclear Power Plant in southern Iran this week, but have not had further access as Tehran blasts the global nuclear watchdog for purportedly paving the way for Israeli and US strikes on Iran in June."
Multiple crises are hitting Iran domestically as European powers and the United States increase pressure and threaten more sanctions. The Iranian rial has sharply depreciated, with the US dollar trading above 1.06 million rials in Tehran's open market. Iranian officials attribute the currency decline to psychological reactions to worsening political conditions rather than economic fundamentals. France, Germany and the United Kingdom triggered the 2015 nuclear deal's snapback mechanism, setting a one-month window for Iran to negotiate terms to defer reinstated UN sanctions. The Europeans demand resumption of US talks, UN inspector access, and accounting for 408.6kg of highly enriched uranium. IAEA access has been limited.
Read at www.aljazeera.com
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