On Sunday Iran’s Foreign Minister Mohammad Javad Zarif admitted to the Iran Chamber of Congress that the collapse of the 2015 nuclear deal would have “very dangerous consequences” for the country.
As Reuters reported, “The Iranian rial plunged to a record low against the U.S. dollar on the unofficial market on Sunday, continuing its slide amid fears of returning U.S. sanctions after President Donald Trump in May withdrew from a deal on Tehran’s nuclear program. The dollar was being offered for as much as 87,000 rials, compared to around 75,500 on Thursday, the last trading day before Iran’s weekend, according to foreign exchange website Bonbast.com, which tracks the unofficial market.”
Zarif told the Iran Chamber of Commerce, “We can talk the deal up, or talk it down. But we should know that a failure of the deal will have very dangerous consequences for us. This is certainly not the [Iranian political] system’s choice.” Zarif said the failure of the deal could leave Iran politically isolated.
After President Trump jettisoned the Iran nuclear deal in May, a huge Indian energy company cut its oil imports from Iran virtually in half; Boeing announced it would not deliver aircraft to Iran; and Russia’s second biggest oil producer announced it had put on hold plans to develop projects in Iran.