INSTEX Insignificant Move to Make Up for US Retreat from JCPOA

"The (INSTEX) channel is not at all comparable to the undertakings that the Europeans have accepted because they were due to fill the vacuum of the US withdrawal from the (2015) nuclear deal but it is not possible with such a channel," Zonnouri said on Tuesday.

He stressed that Iran does not consider the INSTEX as an effective measure as it will fail to meet the country's expectations and interests.

Zonnouri also blasted certain European states, specially France, for linking implementation of the INSTEX to the approval of the FATF by Tehran, describing it as interference in Iran's internal affairs.

In a news meeting in Bucharest late last month, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism known as INSTEX.

Iranian Foreign Ministry Spokesman Bahram Qassemi had also earlier blasted Europe for setting conditions to implement their declared mechanism for trade with Iran, stressing that they should not link INSTEX to the FATF.

"Europe should not link INSTEX to issues like the FATF. This mechanism is among the essential duties of Europe to continue (implementation of) the (2015) nuclear deal and if there is any condition or prerequisite, it should be raised by Iran (and not Europe)," Qassemi told FNA.

He explained that the European states, which were interested in their own and Iran's continued commitment to the nuclear deal, accepted undertakings to meet Tehran's interests of the nuclear deal through special means after the US withdrawal.

"Unfortunately, for different reasons the three European states and the 4+1 (Britain, France, China and Russia plus Germany) could not implement this mechanism in due time and timely," Qassemi said. 

He also expressed regret that after over 8 months, the structure has just been registered "but the mechanisms, their quality, the way to implement them and the form of exchanges are not so much clear yet".

Qassemi criticized Europe for its failure to accomplish its stated undertakings in a shorter period of time.

He called on Europe to act upon its undertakings more quickly, and said, "We consider this as a first step which is undoubtedly an important and positive step and we hope that Europe will act more seriously in dealing with the next steps in the near future."

Qassemi said that Iran was not happy with Europe's delay in this regard and had had much more expectations, adding, "We believed that Europe should have been capable enough to launch this mechanism in a much shorter time irrespective of external pressures and internal problems. Basically, there was to be and there should have been no such connection established between this mechanism and other issues such as the FATF, at all. This mechanism has been one of their essential duties to have the nuclear deal continue and if there is anyone to set conditions, sure it would be Iran."

"We think that given its insistence on Iran's continued commitment to the nuclear deal and its willingness to keep the nuclear deal, Europe should comply with its nuclear deal undertakings towards Iran as stated in its late May statement and compensate for the US withdrawal in any way and form possible, otherwise it would be hard to keep the status quo running and stable," he said.

"If Europe does not remain committed to its undertakings based on the nuclear deal, the conditions will change and high-ranking Iranian officials will decide what to do next," Qassemi concluded.

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