Mogherini: First transaction of INSTEX to be conducted within weeks

IRNA – European Union’s diplomatic chief Federica Mogherini reiterated Europe’s adherence to the full implementation of the JCPOA, saying that INSTEX will get up and running and have the first transactions hopefully in the next few weeks.

Mogherini made the remarks after a meeting with EU’s foreign ministers when she stressed the need for dialogue as ‘the only and the best way to address differences and avoid escalation’ in the region.

She also called on Iran to remain committed to the nuclear deal, saying, ‘We continue to fully support the nuclear deal with Iran, its full implementation.’

‘It has been and continues to be for us a key element of the non-proliferation architecture both globally and in the region.’

Mogherini chaired a meeting of the so-called E3 — Britain, France and Germany — to discuss efforts to keep the deal going, including the special trade mechanism called INSTEX the trio set up to try to enable legitimate trade with Iran to continue without falling foul of US sanctions.

INSTEX was launched in January but is still not operational and its lack of implementation has been criticized by the Iran’s senior leadership.

Asked about Iran insistence on exporting one and half a million barrels of oil a day, she said that this is not an issue for her to comment on it.

The EU is determined to comply with the deal until Iran remains committed to it, she said.

Recalling that International Atomic Energy Agency has verified Iran’s compliance with the deal, Mogherini said that foreign ministers of 28 European states also stress that IAEA is the only source for evaluating Iran’s adherence to the deal.

EU foreign ministers convened on Monday for the first time after Iran issued an ultimatum to the Europeans last week.