(20 Sep 2020) Iran dismissed US efforts to restore all UN sanctions on the country as mounting economic pressure from Washington pushed the local currency down to its lowest level ever on Sunday.
Iran’s currency dropped to 272,500 to the US dollar at money exchange shops across Tehran.
The rial has lost more than 30% of its value to the dollar since June as sweeping US sanctions on Iran continue to crush its ability to sell oil globally.
Iran’s currency was at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers, which was signed by the Obama administration but which the Trump administration pulled the US from.
As the currency plummeted, Iran’s foreign ministry spokesman Saeed Khatibzadeh slammed the Trump administration's declaration on Saturday that all UN sanctions against Iran have been reimposed because Tehran is not complying with the nuclear deal.
The administration said that its triggering of the “snapback” mechanism in the UN Security Council resolution that enshrined the 2015 Iran nuclear deal had taken effect at 8 p.m. Eastern Time.
That is 30 days after US Secretary of State Mike Pompeo notified the council that Iran was in “significant non-performance” with its obligations under the accord, known as the Joint Comprehensive Plan of Action, or JCPOA.
The US move has been rejected as illegal by the majority of the international community and sets the stage for an ugly showdown at the world body ahead of its annual General Assembly this week.
Even before the US declaration, other Security Council members had vowed to ignore it.
They say the US lost legal standing to invoke snapback sanctions when US President Donald Trump withdrew from the nuclear deal in 2018 and began reimposing US sanctions on Iran.
The Iranian government spokesman said the snapback sanctions have only happened in “the imaginary world” of the Trump administration.
He said the US stands on the wrong side of history.
"They try to make it believable to everyone but nobody is buying it except for themselves,” Khatibzadeh said during his weekly press briefing on Sunday.
"It is a show, a tv or a theatrical show whose sole presenter, viewer and the one cheering on it is Mr. Pompeo himself and a handful of others," the spokesman said, referring to the US secretary of state.
The White House plans to issue an executive order on Monday spelling out how the US will enforce the restored sanctions, and the State and Treasury departments are expected to outline how foreign individuals and businesses will be penalized for violations.
Tensions are running high between Iran and the US, particularly since a US strike in January killed Iranian Revolutionary Guard General Qassem Soleimani in Baghdad, prompting Tehran to retaliate with a ballistic missile strike on Iraqi bases housing American troops.

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