Feb 13, 2019 07:46 Asia/Tehran
  • Straw warns US about disrupting INSTEX

The former British foreign secretary warned that if the United States tries to disrupt the European-designed Instrument in Support of Trade Exchanges (INSTEX), it would face three EU governments that are permanent members of the UN Security Council.

Iran Press/Europe: In an exclusive interview with IRNA, Jack Straw criticized the decision by the Washington government to withdraw from an internationally binding agreement, named the Joint Comprehensive Plan of Action (JCPOA) and renew unilateral sanctions against Iran, stating that the outcome of such a move forced European governments to set up INSTEX in order to continue trading with Iran.

Referring to the US threats to the users of this mechanism, Straw said, "There are still rational personalities in the White House, who are opposed to the rift among the Western countries."

"This is the first time in recent years that Britain, France and Germany have decided to adopt a position on foreign policy that is different from that of the United States," Straw said.

The former foreign secretary said the launch of the mechanism was delayed because of the huge pressure the United States was exerting on Europe.

European powers unveil new trade channel with Iran/ Bucharest January 31

Jack Straw added: "I know that Iran is waiting impatiently for the unveiling of this mechanism, and now also it takes a lot of time to make this mechanism work, but I ask Iran to be patient."

He said that although it would take a few months before the INSTEX to work, but its interests would be beneficial to the Iranian economy.

A special clearing house designed to allow European companies that trade with Iran to bypass newly reimposed US sanctions is set up in Europe.

The clearing house, known as the Instrument in Support of Trade Exchanges (INSTEX), is seen as critical to reassuring Tehran that the EU genuinely wishes to reward Iran for signing the 2015 deal on its nuclear program by expanding business with the country.

France, Germany and the UK are the initial shareholders of the INSTEX mechanism for trade with Iran, which has been registered in the French capital, Paris, with a capital of 3,000 euros, and will be governed by a German banking expert. 101/213/211

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