Overview

• European ministers informed U.S. Secretary of State Marco Rubio on Wednesday and will send a letter to the U.N. Security Council on Thursday to initiate the process, diplomats say.
• Geneva talks this week produced no tangible Iranian commitments, prompting the E3 to proceed after months of failed diplomacy.
• The Europeans say they could defer action if Iran resumes full IAEA inspections, accounts for its 60% enriched stockpile, and engages in talks that include the United States.
• Iran warns of retaliation, with Deputy Foreign Minister Kazem Gharibabadi saying cooperation with the IAEA would be halted if snapback goes ahead.
• The mechanism would restore suspended U.N. measures on finance, banking, hydrocarbons and defense after 30 days without credible Iranian steps, as the IAEA reports enrichment up to 60% and continued limits on access to key sites.