The CBI noted the reason why INSTEX was unsuccessful was that the Europeans were not brave enough.
“INSTEX failed to work because the European countries did not have enough courage to exert their independent and national economic power; moreover, they found no way to finance INSTEX,” said the CBI’s Public Relations Office.
“Obviously, Iran is not prepared to replace its financial resources simply to preserve the European channel and import goods which it is able to procure through other channels as well,” the CBI added.
The comments came after the German foreign ministry announced that that INSTEX had been highly ineffective.
INSTEX was basically aimed at facilitating transactions with Iran in currencies other than the US dollar and using systems other than SWIFT amid US sanctions.