Instex Mechanism is Less Effective Than Originally Planned - Lavrov
14:11 08.05.2019(updated 14:37 08.05.2019)
Tehran's version of INSTEX, the EU mechanism for bilateral transactions with Iran bypassing US sanctions, may be implemented with the participation of other interested parties, such as Russia and Turkey, Iranian Foreign Minister Mohammad Javad Zarif told Sputnik a day earlier.
Russian Foreign Minister Sergei Lavrov has stated that the INSTEX mechanism is less effective than originally planned, and that Moscow supports Iran's demand to include oil provisions.
"As far as I understand, it [INSTEX] is much less effective than it was planned, much less comprehensive. For Iran it is important that it allows to export Iranian oil, we support it, this is an absolutely legitimate requirement, which is enshrined in the JCPOA [Joint Comprehensive Plan of Action]. Even so far, the limited mechanism created by the Europeans has not begun to work. We urge them to draw conclusions from the current situation and begin to fulfill their obligations in full", Lavrov said.
Since the US withdrew from the Joint Comprehensive Plan of Action (JCPOA) last year, Washington has reinstated sanctions against Iran, targeting mainly its oil sector.
Other signatories to the Iran nuclear deal, China, France, Germany, Iran, Russia, the United Kingdom and the European Union, have slammed Washington's unilateral withdrawal from the JCPOA stressing that the reinstatement of sanctions threatens not only Iran itself but also countries and companies that stay continue doing business with Tehran.
In light of this, these countries agreed that a special mechanism, dubbed the Instrument in Support of Trade Exchanges, would be created to facilitate trade between companies and Iran amid the sanctions by Washington.
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