Iran gives lukewarm reception to Europe’s sanctions sidestep
“INSTEX is a forward-looking but insufficient move,” Mohammad Javad Jamali, member of the Iranian parliament’s National Security and Foreign Policy Committee, told IRNA.
Britain, France, and Germany launched INSTEX on Thursday. The payment mechanism will allow companies to continue to do business with Iran, bypassing US sanctions. Whether the measure will be successful or not will depend on if the small and medium-sized companies the scheme is aimed at opt in.
Deputy Foreign Minister for Political Affairs Abbas Araqchi described the scheme as a first step towards rectifying the damage done to Iran when the US pulled out of the nuclear deal and announced it was reimposing sanctions.
The mechanism is designed for goods that are subject to sanctions, but he told IRIB that “US pressures will be in place, of course” on companies.
Jamali said his parliamentary committee will study the mechanism in a special session with Foreign Minister Mohammad Javad Zarif.
Zarif tweeted that he welcomed INSTEX as a “long overdue 1st step.”
Iran welcomes #INSTEX—a long overdue 1st step—in E3 implementation of May 2018 commitments to save JCPOA by ensuring dividends for Iranians after US’ illegal reimposition of sanctions. We remain ready for constructive engagement with Europe on equal footing & with mutual respect.
— Javad Zarif (@JZarif) January 31, 2019
Britain, France, Germany, Russia, and China have remained party to the nuclear deal despite Washington’s decision to pull out. The European partners believe that working within the deal is the best way to continue negotiations with Iran.
