News ID: 259497
Published: 0346 GMT September 30, 2019

Mogherini’s aide: Eight more countries decide to join INSTEX

Mogherini’s aide: Eight more countries decide to join INSTEX

Nathalie Tocci, special adviser to the European Union foreign policy chief, said on Monday that eight more countries have decided to join a mechanism proposed by the European bloc to facilitate trade with Iran.

The mechanism called, the Instrument in Support of Trade Exchanges (INSTEX), was set up by France, Germany and the UK in January to continue trade with Iran and bypass sanctions reimposed by the United States following its unilateral pullout from the 2015 nuclear agreement in 2018.

"Apart from the three countries that initiated the creation of the mechanism – France, Germany and Great Britain – eight more EU member states have decided to join. Two more countries are expected to follow in their footsteps", Tocci said on the sidelines of the XVI annual Valdai club meeting, according to Sputnik. 

She did not specify what countries she was talking about. Earlier, it was reported that Sweden and Belgium were going to join the INSTEX mechanism.

Back in January, Britain, France, and Germany announced the establishment of the INSTEX mechanism aimed at enabling non-dollar trade between the 28-nation bloc and Iran.

The apparatus is supposed to circumvent the sanctions that Washington began re-imposing against Iran after leaving the nuclear deal. But in reality not much has been achieved. Trade with Iran has not surged via INSTEX, and Europe has not stood up to the US over its illegal sanctions against Iran.

The three European countries have so far failed to uphold their commitments. They have expressed vocal support for the JCPOA, but failed to provide meaningful economic incentives as required under the nuclear agreement.

Iran has time and again said it never talk with the US on any level until all US sanctions are lifted first.



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