Instex has become operational, other European states mulling joining it: EU

IRNA - Islamic Republic News Agency

Brussels, July 15, IRNA -- The European Union says its trade mechanism with Iran, INSTEX, has become operational with many other European states willing to join the channel.

The European Union says its trade mechanism with Iran, Instex, has become operational with many other European states willing to join the channel.

Outgoing High Representative for EU's foreign policy Federica Moghrini says INSTEX has become operational months after it was launched late January.

"Technically speaking, all Instex phases are being implemented and several other countries expressed readiness to join INSTEX and the EU welcomes this," said Moghrini at the end of a European Union ministerial meeting in Brussels on Monday.

The European official stressed that buying Iran's oil and using its revenues as the capital for the trade mechanism should be further considered.

Tehran is urging Europe to purchase its crude and use it's revenues as deposits that will keep INSTEX afloat.

INSTEX was launched by Germany, France and the UK, the three European signatories to the nuclear deal of 2015, late January to allow humanitarian trade with Iran in the face of unilateral US sanctions. The mechanism, however, hasn't finalized any transaction so far.

Moghrini stated that Iran has not stopped its commitments within the deal, also known as the Joint Comprehensive Plan of Action (JCPOA) and that the International Atomic Energy Agency (IAEA) hasn't confirmed this so far.

She regretted that Iran has reduced some of its nuclear commitments, adding that Tehran should stay committed to the agreement.

Mogherini reiterated that there is no alternative for the nuclear deal, urging Iran to be fully committed to it.

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