Iranian President Ebrahim Raisi (R) greets IAEA head Rafael Grossi in Tehran. EPA / Iranian Presidential Office
Iranian President Ebrahim Raisi (R) greets IAEA head Rafael Grossi in Tehran. EPA / Iranian Presidential Office
Iranian President Ebrahim Raisi (R) greets IAEA head Rafael Grossi in Tehran. EPA / Iranian Presidential Office
Iranian President Ebrahim Raisi (R) greets IAEA head Rafael Grossi in Tehran. EPA / Iranian Presidential Office

Iran and UN nuclear watchdog 'reach deal' on monitoring


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The UN's nuclear watchdog has agreed to a deal with Iran on the agency’s monitoring activities inside the country, its chief has said.

Rafael Grossi said the agreement included reinstalling monitoring equipment at nuclear sites and gaining access to people of interest in an investigation into uranium traces at undeclared sites.

The International Atomic Energy Agency chief held talks with officials in Tehran on Saturday, days after it was revealed in a leaked report that Iran had enriched particles of uranium to near weapons grade, and before an IAEA board of governors' meeting on Monday, when they could vote to censure Iran for a third time in less than a year.

A joint statement issued after the talks said Iran “expressed its readiness to … provide further information and access to address the outstanding safeguards issues” — a reference to the uranium traces.

“Both sides recognise that such positive engagements can pave the way for wider agreements among state parties,” it said.

Speaking after his return to Vienna, Mr Grossi said Tehran was supposed to provide access to information, locations and people, but Iran's Atomic Energy Organisation spokesman Behrouz Kamalvandi told state news outlet IRNA that the issue of access to individuals was "never raised" during the IAEA chief's visit.

Tehran and the IAEA have been at loggerheads since Iran stepped back from its commitments under the 2015 nuclear deal, which collapsed after the US withdrew in 2018. Iran has since increased its uranium enrichment and resisted calls to explain the presence of traces of the element at undeclared sites.

“Over the past few months, there was a reduction in some of the monitoring activities" related to cameras and other equipment “which were not operating”, Mr Grossi told reporters in Vienna. “We have agreed that those will be operating again.”

He did not provide details about which equipment would be restored or how soon it would happen, but appeared to be referring to Iran's removal of surveillance cameras from its nuclear sites in June, during a standoff with the agency.

The 2015 agreement, aimed at preventing Iran from developing nuclear weapons, capped Tehran’s uranium stockpile and limited its uranium enrichment to 3.67 per cent — enough to fuel a nuclear power plant. It also barred nuclear enrichment at the underground nuclear plant at Fordow, about 100km south of Tehran.

Last month, the IAEA said "substantial changes" had been made to enrichment centrifuges at Fordow without notifying the agency in advance.

The leaked IAEA report said uranium particles enriched up to 83.7 per cent — weapons-grade is 90 per cent — were detected at Fordow, AFP reported.

However, Mohammad Eslami, chief of the Atomic Energy Organisation, claimed that “ambiguities have been resolved” over the presence of the particles. He was quoted by state media as saying Iran's uranium enrichment remained at 60 per cent.

Mr Grossi said the IAEA and Iran would convene more technical meetings “very soon” in Tehran to clarify investigators’ questions.

“Sometimes in this kind of facility there can be oscillations that can be accidental,” he said. “But it can be otherwise. The idea of this process is to determine how it happened.”

He told the European Parliament last month that Iranian authorities had “amassed enough nuclear material for several nuclear weapons”.

But he said he was “blind” to many aspects of the country's nuclear activity, including how many centrifuges Iran had.

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

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In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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Always use only regulated platforms

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TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

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Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

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Updated: March 05, 2023, 8:55 PM`