Oil Minister Highlights Iran’s Plans for Possible Snapback Invocation

Iranian Oil Minister Mohsen Paknejad, commenting on the ministry’s planning in the event of the possible activation of the “snapback” mechanism said that the existing structures have the necessary measures in place, and these will be applied in line with emerging conditions. “If anything happens, we have a plan,” he stated, ILNA reported. Addressing concerns over a potential fall in oil prices and reduced Iranian oil sales following activation of the mechanism, Paknejad said, “So far, not only has the volume of our crude oil sales not declined, but in some months it has even increased. This is a general rule.”

He added that the methods, the complex strategies adopted, and the measures under consideration are not points that can be disclosed. However, he stressed that colleagues and experts in the international affairs division of the National Iranian Oil Company, NICO, and other active structures in this field, have the necessary measures in mind, which will be implemented in accordance with circumstances. The snapback mechanism, embedded in the 2015 nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), allows the automatic reinstatement of UN Security Council sanctions that had been lifted under the agreement. Iran, however, disputes the legitimacy of the European powers’ efforts to trigger the provision. - Iran Daily