11 May 2019 - 17:00
News Code 83310496
0 Persons
Official: Ball is in Europe's court

Tehran, May 11, IRNA – An Iranian official said that the parallel system to the Instrument in Support of Trade Exchanges (INSTEX) has been launched in Iran and the ball is now in Europe's court for implementing the mechanism.

Speaking to IRNA, Ali Asghar Nouri, CEO of SATMA, Iran's special financial channel for trade referred to the remarks made by German Foreign Ministry spokeswoman Maria Adebahr who said Iran is responsible for delay in starting INSTEX, Nouri said based on the text of Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), other signatories, especially European ones are responsible for guaranteeing Iran's economic interests.

He added that any measures taken by Iran based on the INSTEX is regarded as an aid for Europe to accomplish its commitments under the JCPOA.

He referred to establishing INSTEX parallel mechanism in Iran, saying Iran is ready to start the process if Europe is ready.

He stressed the fact that INSTEX will minimize the economic interaction between two sides meaning that these issues will be of less importance until both sides' banks have direct interactions.

In response to a question whether launching INSTEX depends on ratifying FATF bills, Nouri said the European side has stressed that international standards should be followed and Iran is also committed to implementing these standards in its internal regulations.

Elsewhere in his remarks, Iranian official reiterated that Iran has so far taken necessary measures for launching INSTEX, adding that the ball is now in Europe's court for implementing the mechanism.

The Instrument in Support of Trade Exchanges (INSTEX) was adopted by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital of Bucharest on January 1.

INSTEX has been registered at the address of France's Economy and Finance Ministry in Paris. German banker Per Fischer has been chosen for a period of six months to run it.

Earlier, Foreign Ministry spokeswoman Maria Adebahr emphasized Germany’s commitment to Iran nuclear deal, saying Bering is to continue talks with Iran for implementing the INSTEX.

“We are working intensely to operationalize the INSTEX,' Adebahr said.

She added, 'As you know INSTEX also needs a mirror structure in Iran, which must be realized by the Iranian side.'

'We continue our talks with the Iranian side on this,' she noted.

Meanwhile earlier, EU Foreign Policy chief Federica Mogherini and foreign ministers of France, Germany and the UK issued a joint statement on Thursday expressing full support for Iran's nuclear deal, also known as Joint Comprehensive Plan of Action (JCPOA).

'We remain fully committed to the preservation and full implementation of the JCPOA, a key achievement of the global nuclear non-proliferation architecture, which is in the security interest of all,' the statement said.

The statement comes a day after Iranian President Hassan Rouhani announced Tehran suspends some of its commitments under the deal.

Iran's President Hassan Rouhani said on Wednesday that Iran will give a 60-day moratorium to the states parties to Joint Comprehensive Plan of Action (JCPOA) to remedy their breaches and restore Iran's interests enshrined by the international deal.

Iranian Supreme National Security Council (SNSC) in a statement announced that Iran has stopped some of its commitments under the JCPOA as of May 8, 2019.

Over the past year and after the US illegal withdrawal from Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), and its breach of the UN Security Council Resolution 2231, the Islamic Republic of Iran has shown most of its self-restraint and has given considerable opportunity on requests made by other parties to JCPOA, the statement reads.

May 8 marks the first anniversary of the US unilateral withdrawal from the Iran Deal formally known as the JCPOA endorsed by United Nations Security Council Resolution 2231.

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