The United Nations has reimposed sweeping sanctions on Iran, reviving measures that freeze assets abroad, halt arms sales, and penalize ballistic missile development. This move comes after last-minute diplomacy at the UN failed to produce a breakthrough in nuclear talks between Iran and Western powers. The sanctions, which took effect on September 28, were triggered by France, Germany, and the United Kingdom, citing Iran’s restrictions on nuclear monitoring and stalled negotiations with the US.
The reimposition of sanctions has significant implications for Iran’s economy, which is already struggling with runaway inflation and soaring food prices. The rial has fallen to record lows, forcing families to cut back on basic staples like meat, rice, and butter. Ordinary Iranians are feeling the pinch, with many struggling to make ends meet. For instance, pinto beans have tripled in price, and rice is up more than 80%.
The US has welcomed the move, with Secretary of State Marco Rubio calling it “an act of decisive global leadership.” However, Iran has condemned the sanctions, with Foreign Minister Abbas Araghchi describing them as “legally void.” Russia and China had pushed for a delay in the reimposition of sanctions, but were unsuccessful in swaying enough votes in the Security Council.
The sanctions are part of the 2015 nuclear accord, known as the Joint Comprehensive Plan of Action (JCPOA), which was negotiated between Iran and world powers, including the US. The US unilaterally withdrew from the JCPOA in 2018, reimposing sanctions on Iran. The current move reimposes UN sanctions that were lifted under the JCPOA. The European Union and the US are seeking a new diplomatic solution to ensure Iran never gets a nuclear weapon, while Iran maintains its nuclear program is peaceful.
The impact of the renewed sanctions is already evident, with the exchange rate increasing and prices rising. Many Iranians are worried about the future, with some experts warning of serious social and moral consequences. The sanctions are likely to compound the malaise around an economy already struggling with high inflation, currency woes, and deepening infrastructure problems.
