Europe Triggers Iran Sanctions Snapback

As flagged several times by OilPrice.com in recent weeks, most recently at the end of July, the U.K., France, and Germany (the ‘E3’) last week started the process of triggering the ‘snapback’ mechanism of restoring sanctions on Iran. These are the broad and deep range of sanctions that were in place before the Joint Comprehensives Plan of Action (JCPOA, or colloquially ‘the nuclear deal’) was agreed between Iran and the P5+1 group of nations (the U.S., U.K., France, Russia, and China, ‘plus’ Germany)…