A European devised payment mechanism is aimed at circumventing US sanctions on Iran but there are few takers, as of yet
While six more European nations have expressed their commitment to trade with Iran in spite of US sanctions, experts say the move is doomed to fail unless the European Union enforces its political and economic independence.
“The nuclear agreement was unanimously endorsed by the UN Security Council and is a key instrument for the global non-proliferation regime and a major contribution to stability in the region,” the jointBut INSTEX, which does not rely on US dollars or the SWIFT system to make cross-border payments, has a limited scope and covers only trade in food products and essential medicines.
Violent protests swept across dozens of cities as angry crowds ransacked government buildings and banks. More than 200 people have been killed in clashes with security forces,Iran’s economy, its citizens and the ability of the government to pay its bills are all reeling under crippling sanctions, which US President Donald Trump imposed last year after abandoning the 2015 nuclear deal with Iran.
INSTEX was put in place by Britain, France and Germany in January in a bid to keep alive the Joint Comprehensive Plan of Action , the nuclear deal which world powers signed with Iran and the US unilaterally abandoned. It also faces stiff resistance from the US and its ally Israel. Israeli Prime Minister Benjamin Netanyahu, the most vocal opponent of the nuclear deal, made his displeasure obvious over the joint statement of the European countries.
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