Tehran stock index drops as snapback pressure adds to investor concerns

The fall 2025 course, titled Adversaries by Design: Deconstructing the Iran-US Relationship, is described in Yale’s course catalogue as an examination of more than four decades of tension between Washington and Tehran, beginning with the 1979 Islamic Revolution. The class will explore each government’s worldview and ask students to take the perspective of US and Iranian decision-makers. Topics include regional politics, US sanctions, and nuclear talks.

The syllabus says the course will feature guest lecturers presenting both Iranian and US perspectives.

In the JNS op-ed, a Yale student who arrived from Tehran in 2023 wrote that the class lists Mohammad Javad Zarif, Hossein Mousavian, and Ali Vaez as speakers. All three have previously held positions or advised on policy within or linked to Iran’s government. “Malley purports to offer Iranian perspectives, but the class will likely only feature Islamic Republic officials and supporters,” the author wrote.

Malley, a longtime figure in US Middle East policy, served as US special envoy for Iran under President Joe Biden and was a key architect of the 2015 Joint Comprehensive Plan of Action (JCPOA) during the Obama administration. He was placed on leave and had his security clearance suspended in 2023.

According to a Wall Street Journal report published last September, the FBI viewed Malley’s handling of classified material as “sloppy,” while the State Department did not consider his conduct to constitute serious misconduct.

In 2023, Iran International and Semafor investigation uncovered the Iran Experts Initiative (IEI) - a network formed under then-Foreign Minister Zarif to promote Iran's foreign policy and nuclear strategy through scholars based abroad. Ali Vaez was named as one of its key members.

Hossein Mousavian, one of the listed guest speakers, recently ended his 15-year tenure at Princeton University, which the university described as a retirement. Activists, however, said it followed pressure over his past role as an Iranian diplomat and nuclear negotiator, and alleged ties to state-linked assassinations and propaganda efforts.

The head of Iran’s parliamentary research center said the real impact of reimposed UN sanctions will be far less than existing US sanctions, but warned of psychological and economic side effects if not handled carefully.

Babak Negahdari said on Saturday that activating the snapback under UN Security Council resolution 2231 effectively shuts down European diplomatic engagement with Iran.

“The real pressure on Iran has come from US secondary sanctions, which affect every part of the economy and have continued even during the nuclear deal,” he said.

Neghdari said any new UN resolution would be nearly impossible in the future due to Russian and Chinese veto power. Even if snapback moves forward, he said, those two countries could weaken its enforcement by blocking mechanisms such as funding for expert panels.

He said Europe knows the snapback can only be used once, and by triggering it now, it has shut the door on further diplomatic maneuvering.

Several Iranian lawmakers on Saturday condemned the decision by Britain, France, and Germany to trigger the UN snapback mechanism, calling it illegal, political, and proof that Europe follows Washington’s lead.

Ahmad Naderi, a member of the parliament’s presidium, said, “The activation of the snapback shows the depth of the West’s legal double standards. Europe has become the political arm of Washington in engineering war and sanctions.”

Alireza Salimi, also on the presidium, said, “The countries that failed to meet their own commitments are now acting as claimants and judges. A thief and a murderer becoming the judge — that is laughable.”

Mohsen Zanganeh, a lawmaker from Torbat Heydariyeh, called snapback a mistake from the start but warned against exaggerating its consequences. “Scaring the public over it could be more damaging than the sanctions themselves,” he said.

Alireza Abbasi, MP for Karaj, said missteps by some political groups and officials led enemies to miscalculate. “After Israel’s and the US’s attack, they begged for a ceasefire. They are making another miscalculation now, and parliament will correct it,” he said.

Mostafa Nakhaei, MP for Nehbandan, questioned Iran’s diplomacy. “Instead of complaining about the illegality of the move, we should ask: what did our diplomacy do to prevent it? We have 30 days. If we do not change the game, the burden will again fall on the people.”

Ahmad Rastineh, MP for Shahr-e Kord, said, “Snapback was the final bullet into the coffin of the nuclear deal. Now it is time to fire the mechanism of national honor into the coffin of the devil.”

European diplomats believe Iran may be restricting full access for UN nuclear inspectors because it fears confirmation that Israeli bombing destroyed large parts of its nuclear program, The Guardian reported on Saturday.

According to the report, diplomats said such confirmation could lead to public anger from Iranians who endured decades of sanctions for a program that may no longer exist.

Tehran has said it is willing to negotiate the return of inspectors, but Western officials say it has not offered any detailed terms. Britain, France and Germany have already triggered the process to reimpose UN sanctions but say diplomacy is still on the table unless Iran grants full access to all nuclear sites, not just those spared in the Israeli strikes.

Iran's foreign ministry said European powers have no legal basis for their actions and warned of possible reprisals.

Diplomacy remains central to shaping global outcomes, even as Western powers move to reimpose UN sanctions through the snapback mechanism, Foreign Minister Abbas Araghchi wrote on Saturday.

“Each diplomatic move can influence the course of dialogue and global decisions,” Araghchi said in a commentary published by the Iran newspaper. He said the ministry is working to document what he called US and Israeli violations and is pursuing legal channels to respond.

The article came after Britain, France and Germany said they would begin the snapback process at the UN, which could restore sanctions lifted under the 2015 nuclear deal.

Araghchi said Iran continues talks with neighbors and major powers like China and Russia while promoting what he called “a practical strategy of regional cooperation.” He added that Iran’s diplomacy operates across political, economic, legal and media fields, not just formal negotiations.

“These efforts build an image of Iran not as a country under pressure, but one that is active, creative and influential,” he wrote.