Dutch ambassador says EU working to implement INSTEX

April 13, 2019 - 20:15

TEHRAN – The Dutch Ambassador to Iran, Jacques Werner, has said that the European Union is seeking to implement the financial mechanism, known as INSTEX, for doing business with Iran.

Despite the U.S. withdrawal from the 2015 nuclear deal and reimposition of sanctions against Iran, the EU will remain committed to the deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), the ambassador told IRNA in an interview published on Saturday.

Werner expressed hope that the Netherlands and Iran would expand cooperation in areas of agriculture and transfer of technology and knowledge.

France, Germany and Britain announced on January 31 the creation of INSTEX, a special purpose vehicle aimed at facilitating legitimate trade between European economic operators and Iran.

European Union foreign policy chief Federica Mogherini, French Foreign Minister Jean-Yves Le Drian, German Foreign Minister Heiko Maas and British Foreign Secretary Jeremy Hunt have said INSTEX will support legitimate European trade with Iran.

In a report on Saturday, IRNA also said Le Drian has reiterated that Europe is firm to preserve the JCPOA.

In May 2018, Trump unilaterally pulled Washington out of the JCPOA and ordered reimposition of sanctions against Iran. The first round of sanctions went into force on August 6 and the second round, which targets Iran’s oil exports and banks, were snapped back on November 4.

The Trump administration has gone to the far by even blocking the accounts of Iran’s Red Crescent Society, actually impeding transfer of money to the Iranian flood victims.