RoydadNaft –  A report published in the media has ruled out the cataclysmic scenarios envisioned for the Iranian economy after a potential return of the United Nations sanctions, a process known as the snapback that European parties to a 2015 deal on Iran’s nuclear program have vowed to trigger if the country fails to accept their demands.

The report said that Iran’s economy is well prepared to cope with the impacts of the snapback process, adding that the country has worked out robust anti-sanction mechanisms over the past few years that enable it to resist foreign pressure.

It cited figures and scenarios from a recent report by the Iran Chamber of Commerce, Industries, Mines & Agriculture, which projected that the return of UN sanctions would almost double the inflation rate and the hard currency prices in the country and would cause the economic growth to sink deep into the negative zone.

“It has depicted a dark picture of the economy’s future, although experts believe that such scenarios create fear instead of observing the realities,” said the report.

Iran’s nuclear agreement with world powers, known as the JCPOA, allows a return of six UN sanctions resolutions that were adopted between 2006 and 2010 in response to Iran’s alleged non-compliance with UN nuclear regulations.

France, Britain, and Germany, as parties to the JCPOA, have said they would use their rights under the deal to restore sanctions on Iran before a late October deadline when a UN Security Council resolution enshrining the deal expires.

Iran has condemned the announcement, saying the three countries have been influenced by the US, which withdrew from the Iran nuclear deal in 2018, and its attempts to force Iran to dismantle its peaceful nuclear program.

The report by Iranian media said that Iran’s economy is much different than what it used to be in the early 2000s, saying the country has changed its oil exports, foreign trade, and even banking structures to be able to cope with the sanctions that were imposed by the US in 2018 after Washington withdrew from the JCPOA.

It said UN sanctions would be less effective in terms of influencing the Iranian economy compared to the US sanctions, adding that Iran has reached record sales of oil in recent years despite continued efforts by the US to bring the country’s exports to zero.