-
Natanz as “maximum pressure”?

In the early morning of July 2 a fire broke out at Iran’s Natanz nuclear facility in Isfahan province, focusing attention on one of the most sensitive and urgent issues that divides the Islamic Republic from its Middle Eastern neighbors, the US, Europe and the wider international community.
It is still unclear exactly what happened. Misinformation and propaganda – magnified by social media – were rife. Iran’s Atomic Energy Organization initially reported damage to a shed on the underground enrichment site. It published a photo showing a building with its roof and walls partly burned. Analysts identified the site as a centrifuge assembly building. Iran later described the damage as “significant” - which it was assumed would make the incident a setback for the country’s disputed nuclear program.
US satellite images showed an explosion or fire large enough to be detected from space. Speculation immediately mounted that Natanz had been deliberately sabotaged – as it was in 2010 by the Stuxnet computer virus that damaged centrifuges and is believed to have been developed by the US and Israel.
The New York Times quoted an unnamed “Middle Eastern intelligence official” as saying the blast was caused by explosives planted inside the facility. BBC Persian reported that the attack had been claimed by a previously unknown group called the “Homeland Cheetahs.”
Natanz was not the only unexplained incident at a sensitive Iranian site. Days earlier another explosion occurred east of Tehran near the Parchin weapons development base that the authorities claimed was caused by a leak in a gas storage facility. Three or four other similar incidents have been reported recently.
Caution is required: not everything that happens in Iran is caused by sabotage. The country’s infrastructure is poor due to inadequate maintenance and mismanagement. Still, these events have fueled a growing sense of insecurity among the regime and the public.
Signs are that these actions may be part of the US policy of “maximum pressure” on Tehran. The background is that in the Joint Comprehensive Plan of Action (JCPOA) in 2015 Iran agreed to curb its nuclear programme in exchange for the removal of most international sanctions. But it has gradually reduced its commitments since President Donald Trump withdrew from the agreement in 2018 and re-imposed and intensified sanctions. These had battered Iran’s economy long before the coronavirus pandemic made things even worse.
US policy is enthusiastically supported by Israel – so far the only nuclear power in the Middle East – whose veteran prime minister, Binyamin Netanyahu, has focused on Iran as a far greater security threat than the Palestinians.
Iranian officials were quick to point the finger at the usual suspects: “The Islamic Republic of Iran has so far tried to prevent intensifying crises and ….unpredictable conditions and situations,” said a commentary on IRNA, the state-run news agency. But “the crossing of red lines …by hostile countries, especially the Zionist regime and the US, means that strategy ... should be revised.”
Hostility between Washington and Tehran remains unabated. In late June Iran issued an arrest warrant for Trump and 35 others over the US assassination in January of the IRGC Quds Force commander Qassem Suleimani in Baghdad. Israel and Iran exchanged cyberattacks just two months ago.
The US continues to pressure its allies to see the extent of the Iranian threat. Mike Pompeo, Trump’s secretary of state, urged the three European signatories to the JCPOA to block the planned lifting of the arms embargo in October, in line with the 2015 timetable. Lifting the ban would lead Iran to send more advanced weapons to regional allies such as the Palestinian movement Hamas and Lebanon’s Hizbullah. “Iran will hold a sword of Damocles over the economic stability of the Middle East, endangering nations like Russia and China that rely on stable energy prices,” Pompeo declared.
Javad Zarif, Iran’s foreign minister, retorted that any US attempt to destroy the Iran nuclear deal, reimpose sanctions and extend the arms embargo risks a “generational setback for the cause of multilateralism and international law.”
On July 3, in response to US pressure, Iran demanded to trigger the JCPOA dispute mechanism – part of what looks and feels like an intensifying confrontation. “The bottom line,” in the words of the seasoned Iran-watcher Raz Zimmt, “is that even if there are no direct links between recent events, and even if most of them are not the result of sabotage, they undoubtedly increase the level of tension.”
Not for the first time, Europeans find themselves in an uncomfortable position vis a vis the Trump administration. The arms embargo is due to be lifted in October, weeks before the November presidential elections. And if the Democratic candidate Joe Biden wins, that will open up the possibility of the US rejoining the JCPOA. Britain, France and Germany are currently exploring relaunching diplomacy with Iran after the US election or risk Tehran hardliners gaining control of the country’s competing layers of government and its economy.
In these globally uncertain times, how to handle the Islamic Republic is still the subject of significant divisions.
IAN BLACK
Tags
You May Also Like
Popular Posts
Caricature
BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!