Zarif: We are not hopeful about INSTEX, but we will not block it either

Iranian Foreign Minister has said if INSTEX actually works it will be regarded as a prerequisite for the implementation of Europe's 11 unfulfilled commitments under the Joint Comprehensive Plan of Action (JCPOA).

Iran Press/Iran news: Speaking to reporters on Wednesday, Iran's Foreign Minister Mohammad Javad Zarif added that the commitments of the E3 (France, Germany, Britain) includes such areas as selling oil, returning oil money to Iran, investing in Iran, as well as aerial and maritime transportation.

Meanwhile, the Iranian Foreign Ministry Spokesman Seyyed Abbas Mousavi also wrote on his Twitter page: "No one in the government is overly optimistic about Europe's INSTEX, but we have not blocked its way; not only do we know it is inadequate, but we also regard it as a prerequisite for implementation of the European's 11 unfulfilled commitments under the JCPOA."

Iran still remains within the JCPOA and pursues its rights under the agreement, Mousavi added according to Iran Press.

“Today, INSTEX is only a mechanism without money, and an empty INSTEX is not useful at all, but if INSTEX is activated and Iran gets is oil money, it can be acceptable to some extent despite its shortcomings,” Iranian president, Hassan Rouhani said on Wednesday speaking at a cabinet meeting. 

Under INSTEX, which is exclusive to European businesses, exports to Iran should be compensated by imports from the country. A mirror company in Iran would carry out the same transactions for Iranian companies exporting to and importing from Europe.

However, the mechanism, launched after Washington pulled out of an international deal on Iran nuclear program in May last year, has effectively failed to revive bilateral trade mainly due to a lack of advance funds that could offset the initial exports to Iran. 104/211/215

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