Iran welcomes INSTEX as EU first step

He further noted that Islamic Republic of Iran considers operationalization of the INSTEX as the first step by the EU to fulfill its commitments enshrined in the May 2018 statement of the three European and Iranian foreign ministers and urges the EU to enforce all its commitments in a short period of time.

“Following US exit from the JCPOA, we did not witness a practical step by the EU in the interest of Iran, despite its stances regarding safeguarding the JCPOA as well as limited measures such as updating Blocking Statute,” he said.

EU move to operationalize INSTEX was too late and it is necessary for the three European states to ensure that the move will make up for part of the US sanctions, Qasemi said.

Islamic Republic of Iran is ready to continue constructive interaction with the EU and member states on the basis of mutual respect, he said, urging the EU to be quick to fulfill the remaining commitments.

Late on Thursday, German, British and French foreign ministers in a news meeting in Bucharest officially announced the commissioning of the European special financial mechanism known as the Instrument in Support of Trade Exchanges (INSTEX).