‘Ball’ of implementing INSTEX in Europe’s court: Iran’s SATMA CEO

TEHRAN, May 11 (MNA) – The CEO of Special Trade and Finance Instrument between Iran and Europe (STFI), called SATMA in Persian, announced that Iran has established the coordinating company to INSTEX and now the ball is in Europe’s court to make it operational.

Rejecting the idea that implementation of the financial mechanism to skirt US sanctions, known as INSTEX, has been postponed due to some issues related to the Iranian side, Ali Asghar Noori stressed that according to the agreements, Iran is not in charge of taking measures to implement INSTEX and whatever has been done sought to facilitate the procedure for the European side and has been an aid to them.

STFI was established to ease INSTEX implementation and if the financial instrument is decided to become operational as of today, there will be no problem with getting it operational in Iran, he said.

He underlined that related regulations to combat money laundering are approved and being implemented in Iran’s banking system, now.

“Before the US withdrawal from JCPOA, European banks used to work with Iran and there should not be any specific issue for them to do as before,” he said, adding “INSTEX minimizes banking relations between the two sides to the least degree and such issues are of the least importance for this mechanism.”

He also rejected any relation between INSTEX implementation and ratification of FATF-related bills in Iran.

Confirming the complex system of INSTEX, as a system that should be able to deal with the US-led sanctions - he underscored that Iran has given about a year to Europeans to implement the mechanism, which seems an adequate length of time and now expects them to implement the mechanism.

Head of Iran’s Foreign Policy Strategic Council says the government’s 60-day ultimatum to the remaining parties of the nuclear deal (JCPOA) is a good opportunity for them to accelerate the implementation of the financial mechanism designed to ditch US sanctions.

Kamal Kharrazi said on Saturday that the next two months will be a good interval for the Europeans to fulfill Iran’s demands, including the activation of the INSTEX.

Iran revealed on Wednesday countermeasures to US’ withdrawal from the nuclear deal, giving the other remaining parties to the JCPOA a 60-day ultimatum to comply with their commitments, particularly those regarding Iran’s economic interests in the banking and energy sectors, before reducing further commitments to the agreement stage by stage.

Now that the long-awaited mechanism has been established, Kharrazi added, "it should become operational as soon as possible to fulfill its already delayed expectations."

HJ/IRN 83310350

News Code 145134

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