Europe has no right to set conditions for implementing INSTEX

“Europe has no right to set conditions for implementing the new financial channel,” Iranian Ambassador to London Hamid Baeidinejad said in a post on his Twitter account on Sunday.

Commenting on INSTEX a payment channel launched by the three EU signatories to the 2015 Iran nuclear deal (France, Germany and Britain) last week to help continue trade with Tehran and bypass the US sanctions, Baeidinejad said the formation of INSTEX is part of the EU commitments under the Joint Comprehensive Plan of Action (JCPOA) that has been carried out with delay.

The ambassador cited a clause of the joint statement by the foreign ministers of France, Germany and the UK, which stipulates, “INSTEX will function under the highest international standards with regards to anti-money laundering, combating the financing of terrorism (AML/CFT) and EU and UN sanctions compliance. In this respect, the E3 expect Iran to swiftly implement all elements of its FATF action plan.”

The channel, set up by Germany, France and the UK (E3), is called INSTEX — short for "Instrument in Support of Trade Exchanges."

Part of the E3 joint statement reads that the INSTEX will function under the highest international standards with regards to anti-money laundering, combating the financing of terrorism (AML/CFT) and EU and UN sanctions compliance. In this respect, the E3 expect Iran to swiftly implement all elements of its FATF action plan.

According to media reports, INSTEX will be based in Paris and be managed by German banking expert Per Fischer, a former manager at Commerzbank. The UK will head the supervisory board.

The Trump administration has repeatedly warned the European Union against trying to sidestep sanctions on Iran. Trump pulled the US out of the 2015 Iran nuclear deal and reimposed sanctions last year. Along with fellow signatories Russia and China, the EU maintains that Iran has not broken its side of the deal and should be allowed to trade.

Iranian officials has expressed frustration and skeptism over the slow European response to the re-imposition of US sanctions, but has pledged to maintain ther nuclear deal commitments so long as it receives the promised economic benefits.

LR/IRN83195944

News Code 142196

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