INSTEX may lead to negotiations with US, says Iranian MP
Tehran, Iran, Feb. 9
An Iranian lawmaker believes the establishment of the European financial channel for Iran's transactions is a good approach that might even bring the US to negotiations table.
"The EU mechanism is a good start but it is not enough. It was a hard decision that was made by the Europeans against the US," said Chairman of the Parliament's National Security and Foreign Policy Committee Heshmatollah Falahatpisheh, Trend reports citing ILNA.
"The important issue is that the US intelligence services stated that Trump had made a mistake by leaving the Joint Comprehensive Plan of Action, and I believe that by reforming domestic management, preventing corruption and establishing constructive relations with the world we can gradually provide a situation that the Americans move towards the negotiations with Iran," he added.
The lawmaker noted: "Some of the European countries and even China and Russia are moving towards this approach."
On Feb. 1, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran.
INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.