TEHRAN – Iran’s former ambassador to Norway believes Europe cannot secure Iran’s interests from the 2015 nuclear deal, saying that European countries’ power is restricted to opening a channel for Iran to import foodstuff and pharmaceuticals.

“We should not expect a notable action from the Europeans in the deadline we set for them,” Abdolreza Faraji-Rad said, the Mehr news agency reported on Saturday.

“In my opinion, the Europeans are trying to use the financial mechanism, INSTEX, to exchange foodstuff and pharmaceuticals with us during the deadline set by Iran,”Faraji-Rad said.

European countries established INSTEX in January to help shield limited trade with Iran from U.S. sanctions imposed after President Donald Trump withdrew from the multinational nuclear deal a year ago. 

On March 20, Iran’s central bank governor Abdolnaser Hemmati announced that a mechanism similar to INSTEX has been registered in Iran, officially called the Special Trade and Finance Institute (STFI).

MH/PA