The Trump Administration has repeatedly said they intend to extend the UN arms embargo on Iran in any way they can, and they have begun circulating the text of their proposal to the various members of the UN Security Council, with hopes of doing that before October 18.
The expiration was set because of the P5+1 nuclear deal, and even though the US withdrew from it, the deal remains in place. Russia and China both oppose extension, and Russia reiterated that today, saying they have no intention of allowing the extension.
That’s not surprising, as Russia intends to sell Iran defensive weapons, and with the US and Israel threatening Iran as much as ever, Iran is more than happy to buy them. That’s why the US wants the embargo, and also why Russia won’t let it happen.
There is no way to get around a Russian veto. Given past examples, the US is probably going to pretend the embargo is still in place, and accuse Russia of violations even though the embargo no longer exists. Russia, similarly, will probably ignore US allegations.
China will do the same as Russia. Many of Iran’s most important weapons, such as antiship missiles, are Chinese origin.
The World would hope so
US withdrew from the agreement so they are in no position to request any extension of the embargo. Iran will buy new weapons however Russia will still not supply them with modern fighter aircraft.