News ID: 241369
Published: 0307 GMT April 13, 2019

Dutch envoy: Europe still following up INSTEX

Dutch envoy: Europe still following up INSTEX
AP

The Netherlands’ Ambassador to Iran Jacques Werner said the European Union is still a partner to Iran nuclear deal and is following up a financial mechanism introduced by the bloc to facilitate trade with Iran.

In an interview with IRNA, Werner said despite new sanctions against Iran and the US withdrawal from Iran nuclear deal, Europe is still complying with its commitments.

The European signatories to the 2015 nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), announced the launch of the long-awaited direct non-dollar payment mechanism meant to safeguard their trade ties with Tehran following Washington’s withdrawal from the deal and in the face of the "toughest ever" sanctions imposed by the United States against the Islamic Republic.

Following months-long preparations, the foreign ministers of France, Germany and Britain finally unveiled the mechanism, officially called the Instrument in Support of Trade Exchanges (INSTEX) in January.

Following the EU’s announcement of the mechanism, Iran’s Foreign Minister Mohammad Javad Zarif said that the European mechanism to trade with Tehran fell short of their commitments and that France, Britain and Germany needed to do more to show their commitment to the nuclear deal.

“Instex (the mechanism) falls short of commitments by the E3 (France, Germany, Britain) to save the nuclear deal,” Zarif said at the Munich Security Conference. “Europe needs to be willing to get wet if it wants to swim against the dangerous tide of US unilateralism.”

US President Donald Trump withdrew Washington in May from the landmark Iran nuclear agreement and decided to re-impose unilateral sanctions against Tehran.

Under the deal, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions.

Trump's administration announced the reimposition of the “toughest” sanctions ever against Iran's banking and energy sectors with the aim of cutting off the country's oil sales and crucial exports.

 

 

   
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