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Iran's president, Ebrahim Raeisi

JCPOA revival talks

Iran’s president has blamed the West for creating crisis in the face of talks to revive the 2015 deal known as the JCPOA. Ebrahim Raeisi said the US, the UK, France and Germany caused the crisis by submitting an anti-Tehran resolution to the IAEA. He said Iran has adopted a rational and logical approach toward the JCPOA revival negotiations. He said the talks can bear fruit if the West pursues the same approach. The IAEA Board of Governors approved the resolution in June. The motion accused Iran of not cooperating with the agency over its past nuclear activities. Iran condemned the resolution and informed the IAEA that it will disconnect some of the agency’s cameras installed under the JCPOA. On Monday, Iran said it will keep the cameras turned off until the deal is restored.

‘US maximum pressure failed’

The EU’s foreign policy chief says the US maximum pressure campaign against Iran that brought the JCPOA to a standstill has been a failure. Josep Borrell, the EU coordinator for the JCPOA revival talks, made the remarks in an article published by the UK-based daily Financial Times. Borrell admitted that despite the failure of the so-called maximum pressure campaign, the Iranian people have been deprived of the full benefits of the deal. Borrell said he has offered a text that addresses the removal of sanctions and other steps needed to restore the JCPOA. Hours later, Iran’s chief negotiator Ali Bagheri Kani tweeted that Iran has its own ideas to conclude the negotiations both in substance and form, which will be shared. The JCPOA was clinched by Iran and the P5+1 to allow for the removal of anti-Iran sanctions in exchange for restrictions on Iran’s nuclear work. The US withdrew from the accord in 2018 and reinstated the sanctions. Tehran says revival of the deal hinges on Washington's political will to provide guarantees that Iran can reap full economic benefits its entitled to under the accord.

Russia-Ukraine war

Russia’s economy is apparently doing better than expected following the war in Ukraine. The International Monetary Fund says the Russian economy appears to be weathering the storm of Western sanctions.  The IMF points to rising energy prices as a main reason why Russia’s economic downturn is not as bad as expected. Another reason is that Russian officials have managed to stave off a banking panic or financial meltdown when the sanctions were first imposed. The Western sanctions were meant to sever Russia from the global financial system and choke off funds available to Moscow to finance the war. The IMF says Europe is bearing the brunt of the fallout from sanctions given its reliance on Russia for energy. The situation could worsen dramatically if Moscow cuts off gas exports to Europe.


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