Baku, Azerbaijan, July 31
By Elnur Baghishov - Trend:
Iran's revenues from oil sales should be able to go through the INSTEX financial mechanism, Iranian Foreign Minister Mohammad Javad Zarif told reporters after a meeting of the Cabinet of Ministers of Iran, Trend reports.
According to him, INSTEX is a mechanism intended for the fulfillment of the obligations of the European signatories of the Joint Comprehensive Plan of Action (JCPOA) after the withdrawal of the US from the deal. Zarif also noted that INSTEX has not yet been fully launched.
"As long as the European parties do not fulfill their commitments, Iran’s third step regarding the nuclear deal will surely be implemented," he said.
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.
Iran announced on May 8, 2019 that it had ceased fulfilling its commitments regarding the sale of over 300 kilograms of uranium, as stated in the deal, basing its decision on the other signatories having not fulfilled their obligations.
Iran announced on July 7, 2019 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.