Oct 5, 2019, 5:05 PM
Journalist ID: 2374
News Code: 83504280
3 Persons


Russian envoy criticizes EU's delay in implementing INSTEX

Moscow, Oct 5, IRNA - Russian Permanent Representative to the Vienna-based international organizations said on Saturday that the Instrument in Support of Trade Exchanges (INSTEX) has not yet met high expectations.

"8 European states joined #INSTEX- mechanism aimed at facilitation of trade relations with Iran under US sanctions. Many in Iran are skeptical and have reasons for that," The Permanent Representative to the International Organizations in Vienna and the International Atomic Energy Agency Mikhail Ulyanov wrote on his Twitter account.

He added: "However it’s too early to dismiss this initiative. It will hardly meet high expectations but remains helpful."

INSTEX was adopted by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital 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 appointed for six months long to run it.

Earlier, Iranian Foreign Minister Mohammad Javad Zarif said INSTEX should not be a tool for US orders.

INSTEX has been a preliminary step which has not so far been operational, he said, adding that even if it becomes operational, it should handle oil revenues as well, Mohammad Javad Zarif told reporters.

It is clear that INSTEX will not work with US agreement, he said, adding that INSTEX should be considered an action taken by the Europeans.

Zarif said that Europeans should dare to act based on their commitments not based on US orders.

He added that the states parties to the JCPOA need to fulfill their commitments. Otherwise, Iran will take the third step to reduce its commitments.


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