Launch of INSTEX for trading with Iran Signals European Geo-political Assertiveness

Nine months after the United States President Donald Trump announced walk out from the Joint Comprehensive Plan of Action (JCPOA) a commitment by the US and European Union 3 + 3 (Germany, France, UK, China and Russia] which was endorsed by United Nations Security Council resolution 2231 and announced imposition of sanctions on Iran, the EU 3 have set up the INSTEX SAS (Instrument for Supporting Trade Exchanges)  a Special Purpose Vehicle to facilitate legitimate trade with Iran. The E3 Foreign Ministers Jean-Yves Le Drian (France), Heiko Maas (Germany), Jeremy Hunt (United Kingdom) issued a joint statement on the creation of INSTEX fulfilling the commitment made to support the JCPOA despite enormous pressures from the US Administration. The Joint statement indicated that the, “E3 reaffirm that their efforts to preserve the economic provisions of the JCPOA are conditioned upon Iran’s full implementation of its nuclear-related commitments, including full and timely cooperation with the IAEA.”.....................

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