The Week in Review: July.5th – July.12th

JULY 12 – U.S. President Donald Trump suggested sanctions on Iran would be substantially increased in a tweet on Wednesday, after Iran breached the JCPOA nuclear deal by enriching its uranium beyond levels set in the agreement. 

Meanwhile the Iranian government said it would reduce its obligations under the JCPOA further if European countries did not act on commitments contained in the agreement. Foreign Minister Javad Zarif said on Thursday that the Iranian government would not negotiate with the U.S. while sanctions were active. 

The first Instex transaction has taken place. Instex, the European special purpose vehicle set up by France, Britain and Germany to enable trade with Iran, is still viewed by some analysts as a vehicle unlikely to rival the international role played by the U.S. dollar. 

The UK said that a British warship fended off three IRGC-manned vessels trying to intercept a British oil tanker in the Persian Gulf. The development comes after an Iranian government-owned oil tanker was seized in Gibraltar. Iranian officials had threatened to seize a British ship in retaliation for the move but denied trying to intercept the British Petroleum-operated tanker. 

  • The seizure of an Iranian oil tanker in Gibraltar has opened up a potentially lengthy legal dispute around the right to seize the vessel. Experts explain the military and legal processes in play, and what could happen next.
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  • Clashes between the IRGC and Kurdish-Iranian opposition groups at the Iran-Iraq border were reported by Kurdish news outlets. Videos surfaced on social media which appear to show the IRGC attacking Iraqi territory. Three IRGC members and three Kurdish Peshmerga were killed during the altercation.
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  • Women living in poorer areas of Iran feel less safe than their female counterparts living in affluent neighborhoods, a survey by the Greater Tehran Municipality found. The survey also revealed that most of the city’s drug trade took place in economically disadvantaged districts. 
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  • The Iranian government will introduce a new home loan scheme for married couples. The move aims to counteract soaring house prices in Iran and address the current challenges associated with applying for mortgages.
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