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On January 31, Britain, France and Germany announced a new payment mechanism known as the Instrument in Support of Trade Exchanges (INSTEX). It was designed to preserve the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, after the US left the deal in May 2018 and reinstated -- as well as broadened -- US sanctions on the country in November 2018. The main purpose of INSTEX is to ensure that Europe -- and potentially third countries – can continue doing business with the mullahs in Iran without risking US penalties for contravening US sanctions.
"INSTEX will support legitimate European trade with Iran, focusing initially on the sectors most essential to the Iranian population -- such as pharmaceutical, medical devices and agri-food goods," the foreign ministers of Britain, Germany and France said in a joint statement. In the longer term, INSTEX aims to be open to other countries wanting to trade with Iran, the statement said. Federica Mogherini, High Representative of the EU for Foreign Affairs and Security Policy and Vice President of the European Commission, said INSTEX was "essential for the continued full implementation of the nuclear deal".
Mogherini - Iran - Europe - Benefits - Deal
Mogherini seems strongly committed to ensuring that Iran -- and Europe -- continue receiving economic benefits from the illegal, unsigned, and unratifiedIran deal. "Alongside Iran's implementation, the lifting of nuclear-related sanctions is an essential part of the deal so we will continue to work to preserve the economic dividends of sanctions lifting," Mogherini said recently. "Our collective security requires a solid multilateral architecture for non-proliferation and disarmament. This is why the European Union will continue to work to preserve the nuclear deal with Iran," added Mogherini who insisted that Iran is complying with the JCPOA.
It is not.
US - Secretary - State - Mike - Pompeo
US Secretary of State Mike Pompeo, referring to documents seized by Israel, stated...
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