INSTEX positive step to secure Iran Deal interests: MP

IRNA – The Instrument in Support of Trade Exchanges (INSTEX) is a positive step by Europe to preserve Iran interests in the 2015 nuclear deal, Iranian member of parliament quoted Foreign Minister Mohammad Javad Zarif as saying on Monday.

Rapporteur of National Security and Foreign Policy Commission Ali Najafi Khoshroudi, referring to the meeting between members of the Majlis commission and Zarif, said the foreign minister briefed them on the INSTEX.

The meeting was also attended by the deputies of the Economy Ministry and managers of the Central Bank of Iran (CBI).

‘We are looking forward for the implementation of the EU financial mechanism,’ Zarif was quoted as saying by Khoshroudi.

He said Foreign Minister Zarif presented the Commission with a report on the background of the talks regarding the INSTEX, which is aimed at facilitating Iran’s global trade after US withdrawal from Iran nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA) and Washington’s imposition of unilateral sanctions against Tehran.

Zarif rejected any link between the INSTEX and Financial Action Task Force (FATF), saying EU cannot set preconditions while it has delayed in taking measures to establish such a mechanism, Khoshroudi noted.

The Member of Iranian Majlis (Parliament) went on to say that the impact of the INSTEX for preventing Iran from turning to be a security concern, the importance of creating a similar mechanism in Iran and stressing the fact that it is not restricted to food and medicines were among other topics discussed in the meeting.

Following the US’ withdrawal from Iran nuclear deal, the EU took stance against the move by devising plans to help preserve the international pact.

By implementing the Blocking Statute, the EU companies’ compliance with the US foreign sanctions was annulled.

In a news meeting in Bucharest late Thursday, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism, known as the INSTEX.