Thursday, February 22, 2024

Iran says liquidation of INSTEX shows Europe lack of will, independence from US

The spokesman for Iran’s foreign ministry says a decision by the European countries to liquidate the financial mechanism known as INSTEX proves lack of determination on the part of the Europeans to act independently from the US.

Answering a question by reporters about a decision by the INSTEX shareholders to liquidate the system, Spokesman for the Iranian Ministry of Foreign Affairs Nasser Kanaani said, “Following the unilateral and illegal withdrawal of the United States from the Joint Comprehensive Plan of Action (JCPOA), the European governments had pledged to enable Iran to continue collecting the economic dividends from the JCPOA’s sanctions lifting obligations by adopting necessary solutions. One of the mechanisms that the Europeans put forward to fulfill this commitment was the establishment of INSTEX as a financial channel to facilitate trade between Iran and Europe.”

“Although the Islamic Republic of Iran never relied on the mechanism and did not pin any hope on it, it did not hesitate to offer any necessary cooperation, out of goodwill, for this channel to become operational,” he added.

“But unfortunately, the European governments, in addition to their inaction on their other obligations, also failed to effectively launch INSTEX and take the necessary measures to activate it under their JCPOA commitments,” Kanaani said.

The spokesman said the main reason for the failure of INSTEX was a lack of serious will on the part of the European governments, their inability to uphold their obligations with regards to compensating for the unilateral US withdrawal from the JCPOA, and their support for the illegal American sanctions, as these countries did not inject any financial resources or long-term credit lines into this channel during the entire period of time INSTEX was active.

Kanaani emphasized once again that the Islamic Republic had not pinned any hope on INSTEX and conducted its international trade through other international financial and banking channels.

“Blaming Iran in the resolution on closing down INSTEX is a bogus attempt at covering up Europe’s absolute failure to be financially independent from America even at a minimum level.”

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