Saturday, September 24, 2022

Iran Says Not Satisfied with Europe’s Progress on INSTEX

Iran's Foreign Ministry spokesman says Iran is not satisfied with European governments' implementation of the Instrument in Support of Trade Exchanges (INSTEX), the special payment system they have devised, and their inaction in the face of US pressure against the Islamic Republic.

Seyyed Abbas Mousavi told reporters on Monday that the “first step” the European signatories of the Iran 2015 nuclear deal took in response to US President Donald Trump’s decision to abandon it in May 2018 was a little too late.

“That was a late step even though we said back then that it still left room for a tiny glimmer of hope,” he said, adding that Tehran also viewed Europe’s interactions after the Trump decision as a sign it could not address Tehran’s interests.

“There is no will to resist the illegal demands that go against all international norms,” he said.

“We haven’t put much hope into INSTEX,” he noted. “If INSTEX was going to help it would have helped us,” Mousavi added.

Late in January, the three European parties to the 2015 deal — Germany, the UK and France — announced the launch of a long-awaited direct non-dollar payment mechanism aimed at safeguarding their trade ties with Tehran in the face of the sanctions.

Over a year after Trump’s decision to abandon the nuclear deal, however, the payment system has yet to be implemented.

Mousavi’s remarks came on the 31st day of Tehran’s 60-day ultimatum to the Europeans to either address Iran’s demands or it will consider a range of responses including leaving the agreement.

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