Eight More Countries To Join INSTEX Mechanism
for Trade with Iran
By Sputnik News
September 30, 2019 "Information
Clearing House" - The
INSTEX trade mechanism was set up by France,
Germany and the UK in January to continue trade
with Iran, bypassing US sanctions. It became
operational and available to all EU member
states in June.
Eight more countries have decided to join the
Instex mechanism for trade with Iran, in
addition to the states that have been part of
the mechanism, said Nathalie Tocci, an aide to
EU High Representative Federica Mogherini.
"Apart from the three
countries that initiated the creation of the
mechanism - France, Germany and Great Britain -
eight more EU member states have decided to
join. Two more countries are expected to follow
in their footsteps", Tocci said on the sidelines
of the XVI annual Valdai club meeting.
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She did not specify what countries
she was talking about. Earlier, it was
reported that Sweden and Belgium were
going to join the INSTEX mechanism.
Earlier this month, a senior
Iranian lawmaker said that the EU had agreed
to allocate $15 billion to the INSTEX trade
mechanism.
The INSTEX mechanism was set up in January by
France, Germany and the UK in an attempt to
continue trade relations with Iran, bypassing
the US sanctions. After a meeting of the Joint
Commission of the Iranian nuclear deal took
place in June, INSTEX became operational and
available to all EU members.
The US unilaterally quit the Iran nuclear deal,
officially known as JCPOA, in 2018 and reimposed
economic sanctions on Iran. The move was not
supported by other signatories to the deal, and the
EU announced that it would do everything possible to
save the JCPOA. A year after the US withdrawal from
the nuclear deal, Tehran said it would begin
partially suspending its commitments under the
agreement unless Europe provides guarantees that
Iran's interests are protected under the JCPOA.
