Members of the European financial mechanism company known as INSTEX [Instrument in Support of Trade Exchanges] and its Iranian counterpart will join talks between Iran and the five signatories of the Iran nuclear deal today (Tuesday) in Brussels.

The CEO of the Iranian company Aliasghar Noori will confer with the INSTEX chief Per Fischer on the latest developments on the two financial systems, ISNA reported.

The Europe union said in a weekend statement that countries party to the landmark 2015 deal, officially known as Joint Comprehensive Plan of Action, will continue legitimate trade with Iran as per the provisions of the agreement.

Published on the EU official website, the statement expresses the official EU stance on the US decision not to extend the sanction waivers to Iranian oil importers. It said France, Germany and Britain (E3) and the EU “deeply regret the re-imposition of sanctions by the United States following its withdrawal from the JCPOA.

The Trump administration said last month it would end all the sanctions exemptions that allowed China, India, Japan, Turkey and South Korea to continue importing Iranian oil after their expiration on May 2.

Iran set up the corresponding financial mechanism in March, two months after France, Germany and the United Kingdom, three EU countries party to the nuclear deal, announced the creation of a financial mechanism for non-dollar trade with Iran.

Noori said the Iranian company has completed coordination with Iranian and European banks to launch its first financial transaction with Europe.

Per Fischer had earlier said that the INSTEX would conduct its first ever trade with Iran in shortest possible time.

EU Commitment

The two men held meetings with importers, exporters, businesses and commercial companies in Iran and Europe on the stipulated functions of the new mechanism and the facilities it offers for trade with Europe.

Echoing warnings of observers about the insufficiency of money in the new mechanism, which has raised concerns about the efficiency of the system in settling payments, the EU announcement refers to the members’ commitment to increase their contribution to INSTEX.

“Shareholders are committed to significantly increasing their financial contribution to INSTEX’s operational budget.”

Reassuring Iran that the bloc is committed to the deal, the statement said “lifting of nuclear-related sanctions is an essential part of the JCPOA – it aims at having a positive impact not only on trade and economic relations with Iran, but most importantly on the lives of the Iranian people”.

It also urged other countries not party to the nuclear deal to pursue trade with Iran within the framework provided by JCPOA.

“The remaining participants to the JCPOA are committed to working on the preservation and maintenance of financial channels and exports for Iran, together with third countries interested in supporting the JCPOA,” the Europeans said.

Tehran has said the unilateral US sanctions are illegal and unjust and a clear case of intimidation and state-sponsored economic terrorism.

News sources – financial tribune