Baku, Azerbaijan, July 3
By Elnur Baghishov - Trend:
The activity of INSTEX financial mechanism of European members of the Joint Comprehensive Plan of Action (JCPOA) on Iran’s nuclear program is considered an appropriate strategy, Iranian Foreign Minister Mohammad Javad Zarif said at the event held in Tehran on the occasion of the Iranian National Industry and Mine Day, Trend reports.
He said that by using this financial mechanism the European members of the agreement are trying to reduce some of the problems caused by the sanctions against Iran. He noted that this financial mechanism isn’t a sufficient response to Iran’s demands for the fulfillment of obligations by the European countries.
The JCPOA between Iran and the 5+ 1 group (US, Russia, China, UK, France, and Germany) was in place since January 2016. The US announced its withdrawal from a nuclear deal on May 8, 2018, and imposed sanctions against Iran in November 2018.
JCPOA European members created INSTEX financial mechanism in January 2019 to protect the agreement and maintain trade relations with Iran.
However, Iran stated that it would stop its obligations within JCPOA on May 8, because the JCPOA European members failed to fulfill their obligations.
Iran suspended the fulfillment of its commitment to sell the uranium that day and said that it would stop the fulfillment of its commitment related to the uranium enrichment (by 3.67 percent) after 60 days if the European side do take any steps.