West Using Snapback Mechanism to Target Iran’s Oil, Trade: Pezeshkian

President Masoud Pezeshkian says that the West’s objective in reactivating the "snapback" mechanism is to curb Iran’s oil exports and hinder its trade. Pezeshkian made the remarks during a meeting with members of the Iran Chamber of Commerce on Tuesday.

He asserted that the snapback mechanism is being used as a tool to limit Iran’s economic activities, particularly its oil sales and international trade. “Given our vast energy resources, we must accelerate the country’s development,” the president said.

He also underscored the importance of supporting exporters, announcing his administration’s commitment to resolving their challenges and creating a favorable environment for export growth. “The rise in exports reflects a reduced dependence on oil and contributes to increased employment,” Pezeshkian noted.

On August 28, France, Germany, and Britain, together known as the E3, activated the snapback mechanism of the 2015 nuclear deal to reinstate the United Nations Security Council sanctions against Iran.

Iran, however, insists that the move is legally null and void, saying that the agreement and the UN resolution endorsing it expired on October 18. - IRNA