MNA – France has expressed hope that the long-awaited European mechanism, INSTEX, to shield Iran’s trade from US sanctions will be implemented in the coming days.
French Finance Minister Bruno Le Maire said Thursday he hoped the first transaction under INSTEX will be conducted in a few days, Reuters reported.
“This first transaction will be modest but it is a starting point and we expect INSTEX to be an effective tool. As it’s a first, we need time to do bigger things.”
He did not provide further details over the matter.
The French minister’s words came a day after Iran called on Europe to stand its ground against US unilateralism and pressures.
European signatories of the 2015 nuclear deal, including France, claim they are trying to keep the accord alive by launching the long-awaited INSTEX to help Iran reap some benefits from the Joint Comprehensive Plan of Action (JCPOA).
Iran says the Europeans have not done enough to save the nuclear deal, and the US violation of the JCPOA has barred Tehran from benefiting from the economic dividends of the JCPOA.
Running out of patience with the EU’s sluggishness, Iran reduced its commitments under the deal on May 8, and warned the EU that it would commence the second stage of its plans to reduce commitments to the JCPOA after 60 days if its demands were not met.
Approaching the deadline, Iranian President Hassan Rouhani said on Wednesday that Iran’s Arak heavy water nuclear reactor – which was agreed to be redesigned under a 2015 nuclear agreement – will resume its previous activities after July 7 if the other signatories to the deal fail to uphold their end of the bargain.
Meanwhile, Iran says the INSTEX in its present form is not sufficient for securing Iran’s economic interests.