Published: Tue, December 03, 2019
Global News | By Blake Casey

Six European countries join Instex barter system for trade with Iran

Six European countries join Instex barter system for trade with Iran

Following a meeting of the Joint Commission of the JCPOA in June, EU's foreign affairs chief, Federica Mogherini, said that the objective of INSTEX is to facilitate "legitimate trade" with Iran for any EU member and that it has been conceived to be open to non-EU countries.

The Paris-based INSTEX functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange.

"Europeans threaten (the Islamic Republic) with the trigger mechanism after more than a year of their commitments", the state-run newspaper wrote in a post titled 'Sledgehammer in the Name of the Trigger Mechanism!' According to the JCPOA, if the deal is violated, all sanctions will be returned.

The system has not yet enabled any transactions.

"We urge Iran to reverse all measures inconsistent with the JCPoA, including exceeding the maximum allowed low enriched uranium stockpile and the maximum allowed enrichment limits, and not respecting the limits set by the JCPoA on nuclear R&D activities", the joint statement read.

He said that Iran has reduced commitments to the JCPOA and that no state should question Iran's remedial action for renegade on the nuclear deal by the U.S. and the other states parties to the Agreement.

On Wednesday, French Foreign Minister Jean-Yves Le Drian warned that the mechanism re-enacting sanctions against Iran might be launched due to Tehran's non-compliance with obligations under the nuclear deal.

Trump in United Kingdom on three-day visit
While that is more than several years ago, it still ranks in the bottom half of alliance members, at 20th out of 29 countries. The senior government official would not say whether the USA sent a letter ahead of this week's summit in London .


Since the USA pullout, Iran has taken four steps back from the accord.

"The hundreds of innocent Iranians murdered during the latest round of protests are rolling in their graves". Meanwhile, Iran's response to the reimposition of sanctions within the framework of the U.S.

Last year Washington unilaterally withdrew from the deal and reinstated crippling sanctions against Tehran.

Meanwhile, diplomats from Iran and other remaining parties to the deal - the UK, France, Germany, China and Russian Federation - will gather in Vienna on Friday to discuss ways forward for the crumbling deal.

Ahead of the 2015 deal, then U.S. president Barack "Obama wrote a letter and said that I accept Iran s enrichment, now let s negotiate", he said.

The UN's nuclear watchdog said in a recent report that it had detected uranium particles at an undeclared site in Iran, revealing even more cracks in the accord.

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