Six more European countries join INSTEX
Six other European countries have joined the INSTEX financial mechanism to fulfill the E3 countries' (Germany, UK, France) commitments to the Joint Comprehensive Plan of Action (JCPOA).
Iran Press/Europe: Belgium, Denmark, Finland, Netherlands, Norway, and Sweden announced in a joint statement that they are in a process of attaching the Instrument in Support of Trade Exchanges (INSTEX) for helping the E3 countries, the European party of Iran's nuclear deal or JCPOA, to facilitate legitimate trade between Europe and Iran.
The six European countries' statement was published on Friday in Finland's Foreign Ministry website.
The JCPOA, commonly known as the Iran nuclear deal, was signed in 2015 between Iran and the five permanent members of the United Nations Security Council- China, France, Russia, UK, US- plus Germany- together with the European Union.
In May 2018 US President Donald Trump announced that his country was withdrawing from the JCPOA and reimposing sanctions on Iran.
A year later, Iran announced that it would gradually downgrade its nuclear commitments unless the EU, France, the UK, and Germany take measures to save the deal.
With the US scrapping JCPOA, the E3 countries promised to compensate for the unilateral exit of the US through the Instrument in Support of Trade Exchanges (INSTEX).
INSTEX was set up to try to enable legitimate trade with Iran to continue without falling foul of US sanctions.
After a series of negotiations between Iran and EU officials to implement INSTEX, Iran declared that E3 can't secure Iran's interests in the economic frameworks and no practical measures have been undertaken to launch the mechanism.
Iran, then, notified its remaining partners in the deal that it would suspend the implementation of some of its commitments as a "wake-up call" to spur the European signatories to honor their end of the bargain.