INSTEX now operational, just Iran's 'mirror' company finalized: France
French Foreign Ministry Spokesperson has said that in INSTEX mechanism just the structure of the Iranian 'mirror' company has yet to be finalised.
Iran Press/Europe: Agnes von der Muhll on Wednesday said: "INSTEX is now operational and the processing of the first transactions has been initiated; cooperation with the Iranian mirror structure must continue to sustain the flow of trade."
"European powers were not sparing any effort, but that it was not solely up to them to ensure Iran reaped the economic benefits of the deal," Reuters quoted Muhll as saying.
French Foreign Ministry Spokeswoman said on Wednesday that Iran will gain nothing by departing from the terms of its nuclear agreement. “Iran will gain nothing by leaving the Vienna accord,” Agnes von der Muhll told reporters in a daily briefing.
Iranian President Hassan Rouhani earlier said Iran would raise its uranium enrichment after 7 July to whatever levels it needs beyond the 3.67% purity cap set in the 2015 nuclear deal.
Last Monday Iran announced that it had amassed more low-enriched uranium than was agreed in the 2015 nuclear deal.
Iran passed the enriched uranium limit mentioned in the Joint Comprehensive Plan of Action (JCPOA) after the remaining signatories to the pact failed to meet Tehran’s demand that Iran be shielded from US sanctions.
“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. 101/211/205