Iran volatile on eve of United States sanctions

Charlene Craig
August 6, 2018

After the official statement, the US President signed the Memorandum on the resumption of sanctions against Iran. Yet the potential for major shocks to the economy from the phasing-out of the greenback and switch to a new currency has stalled such moves to decouple their economies from USA -dollar hegemony.

The Toulouse, France-based firm did not immediately respond to a request for comment.

Central bank governor Abdolnaser Hemmati said the plan reflected Iran's self-confidence in the face of the looming us sanctions.

The autarkic "resistance" model showed its limits in terms of ensuring the growth of Iran's economy and sating the demands of Iran's youthful demographic, sparking calls by factions among Iran's elites to secure foreign investments. Yet following the 2015 accord, world leaders and major businesses embraced the idea of assisting the development of Iran's economy through lucrative deals and access to the large Iranian market and its 80 million citizens.

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In short, Trump withdrew from the Iran deal, likely imposed tremendous cost and stress on Tehran's economy, and Iran has responded by staying in the deal and trying to portray itself as a good actor worthy of the world's support against United States hegemony.

But many US allies believe that language is code for regime change, according to two European diplomats involved in negotiations with the Trump administration over how sanctions would be re-imposed.

"The president has always said he is prepared to talk, but it's important that Iran has to be committed to changing its ways in order for those discussions to prove of any value", he added.

"I'm ready to meet anytime they want to", Trump said of Iran during a joint press conference with Italian Prime Minister Giuseppe Conte on Monday.

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Iran had hoped the lifting of sanctions would allow it to replace its aging commercial airline fleet, but the US withdrawal has halted billion-dollar deals struck with Airbus and Boeing.

The White House on Monday blamed Rouhani for inciting a war of words with President Donald Trump, who warned that verbal threats could escalate into military conflict with the U.S. President Trump, who campaigned on a promise to bring a more hawkish approach to Iran, sent an all-caps tweet late Sunday warning of dire consequences for the longtime foe.

Referring to recent sporadic protests in Iranian cities, Pompeo said: "The Iranian people are not happy - not with the Americans but with their own leadership". Since the USA withdrawal from the Iran deal, Iran's currency has taken a nosedive, soaring up to around 120,000 rials to a dollar.

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