After many months of negotiations, Washington and Tehran—thanks to Russian mediation—appear close to renewing the 2015 agreement concerning the Iranian nuclear program. Richard Goldberg comments:

Under a new deal, Iran would receive $275 billion of sanctions relief in the first year and $1 trillion by 2030. [Moreover], Tehran would face no changes in the old deal’s sunset clauses—that is, expiration dates on key restrictions—and would be allowed to keep its newly deployed arsenal of advanced uranium centrifuges in storage, guaranteeing the regime the ability to cross the nuclear threshold at any time of its choosing. . . . And worst of all, Iran would win all these concessions while actively plotting to assassinate former U.S. officials like John Bolton, Mike Pompeo, and [his] adviser Brian Hook, and trying to kidnap and kill the Iranian-American journalist Masih Alinejad on U.S. soil.

Moscow, meanwhile, would receive billions of dollars to construct additional nuclear power plants in Iran, and potentially more for storage of nuclear material. . . . Following a visit by the Russian president Vladimir Putin to Tehran last month, Iran reportedly started transferring armed drones for Russian use against Ukraine. On Tuesday, Putin launched an Iranian satellite into orbit reportedly on the condition that Moscow can task it to support Russian operations in Ukraine.

With American and European sanctions on Russia escalating, particularly with respect to Russian energy sales, Putin may finally see net value in the U.S. lifting of sanctions on Iran’s financial and commercial sectors. While the return of Iranian crude to the global market could lead to a modest reduction in oil prices, thereby reducing Putin’s revenue, Russia may be able to head off U.S. secondary sanctions by routing key transactions through Tehran. After all, what would the Biden administration do if Iran allowed Russia to use its major banks and companies to bypass Western sanctions?

If Iran succeeds in obtaining nuclear weapons, the war in Gaza, let alone the protests on college campuses, will seem like a minor complication. Jonathan Schachter fears that this danger could be much more imminent than decisionmakers in Jerusalem and Washington believe. In his view, Israel seems to be repeating the mistake that allowed it to be taken by surprise on Simchat Torah of 2023 and Yom Kippur of 1973: putting too much faith in an intelligence concept that could be wrong.

Israel and the United States apparently believe that despite Iran’s well-documented progress in developing capabilities necessary for producing and delivering nuclear weapons, as well as its extensive and ongoing record of violating its international nuclear obligations, there is no acute crisis because building a bomb would take time, would be observable, and could be stopped by force. Taken together, these assumptions and their moderating impact on Israeli and American policy form a new Iran concept reminiscent of its 1973 namesake and of the systemic failures that preceded the October 7 massacre.

Meanwhile, most of the restrictions put in place by the 2015 nuclear deal will expire by the end of next year, rendering the question of Iran’s adherence moot. And the forces that could be taking action aren’t:

The European Union regularly issues boilerplate press releases asserting its members’ “grave concern.” American decisionmakers and spokespeople have created the unmistakable impression that their reservations about the use of force are stronger than their commitment to use force to prevent an Iranian atomic bomb. At the same time, the U.S. refuses to enforce its own sanctions comprehensively: Iranian oil exports (especially to China) and foreign-currency reserves have ballooned since January 2021, when the Biden administration took office.

Israel’s response has also been sluggish and ambiguous. Despite its oft-stated policy of never allowing a nuclear Iran, Israel’s words and deeds have sent mixed messages to allies and adversaries—perhaps inadvertently reinforcing the prevailing sense in Washington and elsewhere that Iran’s nuclear efforts do not present an exigent crisis.