Tehran Says INSTEX Insufficient Enough amid Crisis

In this May 28, 2019 photo, Iranian Foreign Ministry spokesman Abbas Mousavi speaks at a press conference in Tehran, Iran (AP Photo/Vahid Salemi)
In this May 28, 2019 photo, Iranian Foreign Ministry spokesman Abbas Mousavi speaks at a press conference in Tehran, Iran (AP Photo/Vahid Salemi)
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Tehran Says INSTEX Insufficient Enough amid Crisis

In this May 28, 2019 photo, Iranian Foreign Ministry spokesman Abbas Mousavi speaks at a press conference in Tehran, Iran (AP Photo/Vahid Salemi)
In this May 28, 2019 photo, Iranian Foreign Ministry spokesman Abbas Mousavi speaks at a press conference in Tehran, Iran (AP Photo/Vahid Salemi)

Iran has welcomed the launch of the financial mechanism known as the Instrument in Support of Trade Exchanges (INSTEX) to bypass US sanctions.

“We take the operation of INSTEX as a good omen, but this is much less than what we expect,” according to Iranian Foreign Ministry spokesman Abbas Mousavi.

He added that Iran also expects players in other sectors like the banking and energy sectors to meet their obligations, IRNA reported.

Last week, the first transaction was conducted by Britain, France and Germany. Mousavi stated that the transactions enabled allocating hundreds of thousands of euros to purchase medicines and medical equipment for Iran.

Iran admitted facing huge challenges in tackling the COVID-19 outbreak, knowing that it turned down a US offer to help and didn't allow Doctors Without Borders to intervene.

In this regard, the US had been urged to reduce sanctions imposed on Iran to enable it to effectively combat this outbreak.

Notably, Washington reimposed sanctions on Tehran in May of 2018 after pulling out from the nuclear deal.

In response to this withdrawal, the three European countries decided to set up INSTEX in Jan of 2019. However, the activation process was slow and this led to an exchange of accusations between Iranians and Europeans.

INSTEX functions as a clearing house that allows Iran to continue to sell oil and import other products or services in exchange.



Iran Says It Will Respond to Reimposition of UN Sanctions

Iranian Foreign Ministry spokesman Esmaeil Baghaei. (Iranian Foreign Ministry)
Iranian Foreign Ministry spokesman Esmaeil Baghaei. (Iranian Foreign Ministry)
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Iran Says It Will Respond to Reimposition of UN Sanctions

Iranian Foreign Ministry spokesman Esmaeil Baghaei. (Iranian Foreign Ministry)
Iranian Foreign Ministry spokesman Esmaeil Baghaei. (Iranian Foreign Ministry)

Iran will react to any reimposition of United Nations sanctions over its nuclear program, the country's foreign ministry spokesperson said on Monday, without elaborating on what actions Tehran might take.

A French diplomatic source told Reuters last week that European powers would have to restore UN sanctions on Iran under the so-called "snapback mechanism" if there were no nuclear deal that guaranteed European security interests.

The "snapback mechanism" is a process that would reimpose UN sanctions on Tehran under a 2015 nuclear deal that lifted the measures in return for restrictions on Iran's nuclear program.

"The threat to use the snapback mechanism lacks legal and political basis and will be met with an appropriate and proportionate response from Iran," Foreign Ministry spokesperson Esmaeil Baghaei told a press conference, without giving further details.

The 2015 deal with Britain, Germany, France, the US, Russia and China - known as the Joint Comprehensive Plan of Action (JCPOA) - states that if the parties cannot resolve accusations of "significant non-performance" by Iran, the "snapback mechanism" process can be triggered by the 15-member UN Security Council.

"The European parties, who are constantly trying to use this possibility as a tool, have themselves committed gross and fundamental violations of their obligations under the JCPOA," Baghaei said.

"They have failed to fulfill the duties they had undertaken under the JCPOA, so they have no legal or moral standing to resort to this mechanism."

Western countries accuse Iran of plotting to build a nuclear weapon, which Tehran denies.

The United States pulled out of the deal in 2018 under the first administration of President Donald Trump, who called the agreement "weak".

Trump, whose second presidency began in January, has urged Tehran to return to nuclear negotiations on a new deal after a ceasefire was reached last month that ended a 12-day air war between Iran and Israel that destabilized the Middle East.

When asked if Iranian Foreign Minister Abbas Araghchi would meet with Trump's Middle East envoy, Steve Witkoff, Baghaei said no date or location had been set for resuming the US-Iran nuclear talks.