MFA: Iran demands to restore oil sales
Tehran, Iran, July 29
By Sara Riyazi, Elnur Baghishov - Trend:
Iran demands to ensure its economic interests and restore oil sales, Iranian Foreign Ministry spokesman Abbas Mousavi said at a press conference, Trend reports.
In his words, before the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May last year, Iran exported 2.8 million barrels of oil daily. He added that after the US withdrew from the nuclear deal, the European side guaranteed Iran’s oil sales.
“The European side says that the INSTEX, a financial mechanism for maintaining trade with Iran including financial exchanges with Iran, shall be beneficial for the country,” he said. “It depends on the Europeans in which form they will use the financial mechanism.”
In January 2016, the JCPOA was implemented between Iran and the P5+1 group (the US, Russia, China, UK, France and Germany) in connection with Iran's nuclear program. In May 2018, the US announced its withdrawal from the deal and imposed sanctions against Iran in November of the same year. In order to preserve the agreements reached as part of the JCPOA, the European signatories of the deal stated in January 2019 that a financial mechanism for maintaining trade with Iran called INSTEX was formed.
On May 8, 2019, Iran announced that it had ceased fulfilling its commitments regarding the sale of over 300 kilograms of uranium, as stated in the deal, justifying its decision on the other signatories having not fulfilled their obligations.
On July 7, 2019, Iran announced that it will not be fulfilling its commitments regarding the enrichment of uranium at 3.67 percent and the reconstruction of the Arak Heavy Water Reactor Facility as stated in the deal.