Iranian Foreign Minister Abbas Araqchi affirmed that diplomacy remains the only path to resolve the nuclear issue, criticizing what he called the West’s “excessive demands.”

He noted the decline of Europe’s role following the reactivation of the “snapback mechanism” and the return of international sanctions.

The statement comes amid a severe economic crisis and a sharp drop in the Iranian rial, which hit a record low of over 1.1 million per dollar on the black market.

Parliament has approved a plan to remove four zeros from the national currency in a bid to curb the rapid financial decline.