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`INSTEX should be a comprehensive and complete channel for the Europeans to implement their undertakings so that financial transactions are carried out with no problem in order for us to easily sell oil and conduct commercial transactions.` Kamal Dehqani. a senior member of the Iranian parliament`s National Security and Foreign Policy Commission. said.
He underlined that INSTEX will be fruitless for Iran if it suffers restrictions and if it doesn`t include Europeans` purchase of crude oil from his nation.
`Our priority is oil sales and financial transactions without any restrictions.` Dehqan said.
Germany. France and the UK. the three European signatories to the Iran nuclear deal of 2015. created a Special Purpose Vehicle (SPV) for trade with Iran called the INSTEX late in January. The channel hasn’t had any financial transaction with Iran yet.
On May 8. exactly one year after President Donald Trump’s withdrawal from the nuclear deal. Iran announced it will scale down parts of its commitments within the pact. giving Europe 60 days to either normalize economic ties with Iran or accept the modification of Tehran’s obligations under the agreement.
Iran set up and registered a counterpart to INSTEX called Special Trade and Financing Instrument between Iran and Europe (STFI) to pave the way for bilateral trade.
Then on Friday. Secretary General of the European External Action Service (EEAS) Helga Schmid announced that INSTEX has become operational.
`INSTEX now operational. first transactions being processed and more EU Members States to join. Good progress on Arak and Fordow projects.` Schmid wrote on her twitter account on Friday after a meeting of the Joint Commission on JCPOA ended in Vienna following three and a half hours of talks by the remaining signatories to the deal (the EU3 and Russia and China).
It was the 12th meeting of the Joint Commission on JCPOA which began at 12:00 local time in Vienna.
Meantime. seven European countries–Austria. Belgium. Finland. the Netherlands. Slovenia. Spain and Sweden–in a joint statement expressed their support for the efforts for implementation of the INSTEX.
Later. Iranian Deputy Foreign Minister Seyed Abbas Araqchi described the nuclear deal joint commission meeting with the Europeans as `a step forward`. but meantime. reminded that it did not meet Iran`s expectations.
“It was a step forward. but it is still not enough and not meeting Iran’s expectations.“ said Araqchi. who headed the Iranian delegation at the JCPOA joint commission meeting in Vienna on Friday afternoon.
“I will report back to Tehran and the final decision will be by Tehran to take.“ he added.
