France warns of renewed Iran sanctions as IAEA chief says time running out

France warned on Monday that it would reimpose sanctions on Iran if European security interests are not guaranteed under the expiring nuclear deal, while the head of UN nuclear watchdog said time was running out to prevent military conflict over the issue.

"We will not hesitate for a second to reapply all the sanctions that were lifted ten years ago," French minister for Europe and Foreign Affairs Jean-Noel Barrot told reporters, referring to the snapback mechanism that can reactivate sanctions lifted under the 2015 nuclear deal, set to expire in October.

"These sanctions would then permanently close Iranian access to European technologies, investments and markets, with devastating effects on the country’s economy."

IAEA Director General Rafael Grossi, speaking alongside Barrot, stressed the urgency of the situation, saying, "It's not a matter of months or years. It's perhaps a matter of weeks whether we can really come to something that is doable, is feasible, and above all, avoids the spectre of more military conflicts."

Barrot, however, said there was no military solution to the Iranian nuclear issue, calling the diplomatic path "a bumpy road" but necessary as France is coordinating closely with Britain, Germany, and US Secretary of State Marco Rubio to support the ongoing dialogue with Iran.

"Iran is on the verge of acquiring nuclear weapons. Ten years ago, Iran made a commitment to the international community to contain its nuclear activities," Barrot said.

"Today, Iran has exceeded all the thresholds to which it committed itself. According to IAEA reports, Iran now has 6,000 kilograms of enriched uranium, thirty times more than the limit set by the agreement ten years ago," Barrot added.

Last week, speaking at the US-based think tank Council on Foreign Relations, Grossi said Iran has enough enriched uranium to produce several nuclear warheads and could do so within months.

Iran and the United States opened a third round of nuclear negotiations in Oman over the weekend with the next round expected to be held in Rome on Saturday.