Feb 1, 2019, 5:46 PM
News Code: 83192584
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EU says does not recognize US sanctions' extraterritorial application

London, Feb 1, IRNA – An EU spokesperson says the Instrument in Support of Trade Exchanges (INSTEX) is not directed against the United States and is not circumventing any sanctions, but the EU does not recognize the extraterritorial application of US sanctions.

The spokesperson made the announcement in an interview with the Islamic Republic News Agency (IRNA) when asked if INSTEX is designed to benefit Iran from lifting of sanctions under JCPOA, how Europe will deal with US pressure.

The EU spokesperson said the overall purpose of INSTEX is to help the EU exporters and importers to pursue legitimate trade with Iran, as permitted under EU, international and the relevant domestic law.

The official said INSTEX complements the legal update of the EU’s “Blocking Statute” which entered into force on 7 August 2018 with the view to protect the interest of EU companies that want to keep doing legitimate business with and in Iran.

To another question that when the first stage of INSTEX will become operational and when will Iran benefit from accessing its oil revenue through INSTEX, the spokesperson said now that INSTEX has been announced, it is for the 3 Member States involved to share more details on the mechanism.
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