TEHRAN, Jun. 29 – French, British and German officials announced in a statement on Friday that the trade mechanism with Iran aimed at circumventing US sanctions, dubbed INSTEX, has been operational.
INSTEX, the mechanism which will facilitate trade with Iran, is now operational and its first transactions are being processed. A payment balancing system will allow companies in Europe to buy Iranian goods, and vice-versa, without money-transfers between European and Iranian banks.
The EU called the Joint Comprehensive Plan of Action (JCPOA) a "key element of global nuclear non-proliferation." The deal was in limbo after Washington left it a year ago and started piling up sanctions on Tehran, hampering its trade with other countries.
The statement comes after the remaining signatures of JCPOA gathered in Vienna for a meeting that Iranian ministry spokesman called "the last chance for the remaining parties...to gather and see how they can meet their commitments towards Iran."
Iran’s next steps over JCPOA depend on the practical measures by the European countries, Iranian officials said.