Iran still not satisfied with European moves to save the 2015 nuclear deal

Tabnak – Despite the official launch of a European financial mechanism for doing trade with Iran despite the US sanctions, Tehran is still not satisfied with the pace and extent of Europe’s moves in saving the 2015 nuclear deal. Meanwhile, a European delegation is due to visit Tehran soon for talks about other necessary measures.

According to the Iranian media, a European delegation will visit Tehran in the coming days to discuss the operation of a new channel for non-dollar trade which the bloc has set up to continue business with Iran and circumvent US sanctions.

The European Union established the Instrument in Support of Trade Exchanges (INSTEX) in February, but conditioned its operation to Iran's ratification of the Financial Action Task Force (FATF) on money laundering and financing terrorism.

According to Iran’s Foreign Ministry spokesman Bahram Qassemi, a European delegation of economic and technical experts will visit Tehran in the “near future” for talks with Iranian authorities.

Qassemi said the launch of INSTEX was the first step and that experts from the two sides were about to discuss issues related to its implementation. The Europeans have insisted that INSTEX would initially focus on such sectors as pharmaceuticals, medical devices, and foodstuff, excluding oil and other trade.

That gravely falls short of Iran’s expectations, which have already been undermined by Europe’s intentional foot-dragging to have the payment system up and running.

Meanwhile, Iran’s Deputy Foreign Minister Abbas Araqchi called on Europe to adopt practical measures for saving the 2015 Iran nuclear deal and intensify efforts to implement INSTEX.

Araqchi on Monday held a meeting with Philipp Ackermann, Director‑General of Germany’s Foreign Ministry, who is responsible for political relations with 110 states in the Near and Middle East, Africa and Latin America.

In the meeting in Tehran, Araqchi criticized the lengthy process of finalization of INSTEX. Araqchi said creation of INSTEX was only part of the commitments that the EU3 has undertaken under the JCPOA, stressing, “The European side is expected to make more serious efforts for (the achievement of) practical and tangible results of the JCPOA and for the immediate implementation of INSTEX.”

The Iranian diplomat underlined that “political will alone” would not suffice for saving the JCPOA, urging Europe to “take practical measures and pay the price” to salvage the nuclear deal.

INSTEX is planned to be based in Paris and be managed by a German banking expert. Britain will head the supervisory board. The European countries are reportedly going to use the channel initially only to sell food, medicine and medical devices in Iran.

In May 2018, the US president pulled his country out of the JCPOA, the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany). Following the US exit, Iran and the remaining parties launched talks to save the accord.