Araghchi offered inspectors access to nuclear facilities in exchange for sanctions relief - report

Iranian Foreign Minister Abbas Araghchi expressed willingness to grant inspectors access to nuclear facilities in exchange for sanctions relief, according to a Bloomberg report. The suggestion came during private meetings with European and Middle Eastern diplomats at the United Nations General Assembly in New York. Araghchi attempted to persuade Europeans to rescind a UN decision to reimpose broad sanctions on Iran, which were implemented last September, but the Europeans declined.

While the diplomat's report doesn't explicitly detail Iran's economic situation, the proposal signals the gravity of Iran's economic challenges. Iranian President Masoud Pezeshkian mentioned earlier that Iran would be open to allowing inspectors, but Araghchi hadn't previously advocated for this option during the talks. The Iranian rial has weakened by 30% against the dollar due to the sanctions, leading to skyrocketing inflation of nearly 90% year-over-year.

US President Donald Trump claimed Iran's inflation is 301%, describing their currency as worthless. The US has blocked Iran from loading crude oil onto tankers, stopping their oil exports entirely. Negotiators for Iran and the US, aiming to revive peace talks, are reportedly seeking concessions from Iran on its nuclear program in exchange for peace discussions.

A Middle East government official indicated that Iran was close to agreeing to nuclear program concessions earlier this year with US Vice President JD Vance, but requires explicit assurance that it won't be attacked by Israel after the deal. Other officials stated that Iran believes it could endure a prolonged US blockade or renewed bombing campaign, while Arab officials and mediators told the WSJ that Iran has not caved since Trump rejected a recent ceasefire offer. They noted Iran's stance is that the US must make concessions before negotiations can continue.