UN Sanctions on Iran Re-enter into Force

UN sanctions against Iran re-entered into force after approximately 10 years, following the request of Germany, the United Kingdom, and France. Tehran administration announced that they would give a “strong and appropriate” response to the sanctions.

The United Nations (UN) sanctions imposed on Iran due to its nuclear program re-entered into force this morning at 03:00 TSİ (Turkish Time), after the E3 countries, namely Germany, the United Kingdom, and France, triggered the “snapback” mechanism.

This mechanism, which enables sanctions lifted by the 2015 nuclear deal with Iran to automatically re-enter into force within 30 days in the event of a violation, was activated upon the application of Germany, the United Kingdom, and France. These countries had applied to the UN Security Council (UNSC) on August 28, citing the violation of the agreement, which is intended to prevent Iran from producing nuclear weapons, as the reason.

Following the implementation of the sanctions, the Iranian Rial is reported to have fallen to a record low level. The weakening of the Iranian currency further increases pressure on food prices in the economically distressed country, making daily life more difficult.

The efforts of Iran’s allies, Russia and China, during the week were not enough to stop the sanctions. The initiatives of these two countries in the UN Security Council resulted in failure. A draft resolution presented by Russia and China, which foresaw the postponement of the sanctions for six months, received support from only four members in the 15-member UNSC.

Following the vote, the UK’s Permanent Representative to the UN, Barbara Woodward, had announced that the necessary steps of the “snapback” process had been completed and that the UN sanctions would re-enter into force this weekend.

Europe’s sanction move on Iran is a serious threat to tanker markets