Jul 23, 2019, 5:18 PM
Journalist ID: 2382
News Code: 83408578
1 Persons
Envoy: Denmark considering to join INSTEX

Tehran, July 23, IRNA - Morteza Moradian, Iran's ambassador to Denmark by quoting Danish media wrote on Tuesday that Copenhagen is considering joining the Instrument in Support of Trade Exchanges (INSTEX).

Ambassador of Iran to Denmark in a news release on his personal page at Instagram pointed to Danish Foreign Minister Jeppe Kofod's meeting with his French counterpart Jean-Yves Le Drian, on Friday, and noted that although US president Donald Trump has threatened the countries who are circumventing the US sanctions against Iran with serious consequences, the Danish government is evaluating the "technical details" of joining the INSTEX, and this initiative is facing a lot of challenges.

Following the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and the imposition of unilateral sanctions against Iran on April 8, 2018, the European countries, while opposing this move, announced that they would launch a special trading mechanism with Iran called INSTEX. This mechanism was launched at the initiative of Germany, France and the UK. But after one year and the strategic patience of Iran and the failure to meet the obligations on the part of the Europeans, Tehran reduced some of its commitments to action on May 18, 2019.

Danish Foreign Minister said it is important to keep in mind that Iran has not produced nuclear weapons. He added, "That's why we must keep the nuclear deal of 2015 that creates restrictions for Iran."

The International Atomic Energy Agency (IAEA) has so far endorsed Iran’s commitment to the JCPOA and its non-diversion in its 15 reports.

In response to a question that with joining the INSTEX you are not only trying to uphold the JCPOA, but that you are bypassing the US sanctions and whether a small country is not worried about stepping into the US foot, Kofod highlighted, "We want the nuclear deal to be preserved and in this direction we are also taking action. We hope the Americans respect our demand.’

INSTEX or a mechanism to support trade between Iran and Europe is a special financial instrument created by Germany, France and the United Kingdom on January 31, 2019, to facilitate non-dollar trade with Iran. 

The INSTEX is headquartered in Paris, France and is headed by the German Per Fischer. The main purpose of the creation of this special financial channel is to provide facilities to small- and medium-sized European companies in order to maintain their traditional financial channels with Iran.

This mechanism will cover the basic trade in basic commodities (food and medicine) in the first step, but will gradually expand its scope.

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