On the plus side, this is more honest than the last few months’ of spin. Obama doesn’t have the means to establish a robust international sanctions regime, even if he wanted to. The Iranians knew that and bragged about it. The pretense of credible sticks was meant for American audiences, the better to buy Obama breathing room for ever more engagement. Just because previous efforts had drawn humiliating responses didn’t mean the approach was misguided. It was just that Iran’s “unsettled political situation” was getting in the way! But that only takes you so far. Eventually you need new excuses for why a crippling sanctions regime has failed to materialize, and giving up on creating one is certainly an excuse.
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