*PARIS: *Paris, London and Berlin on Saturday welcomed six new Europeancountries to the INSTEX barter mechanism, which is designed to circumventUS sanctions against trade with Iran by avoiding use of the dollar.
“As founding shareholders of the Instrument in Support of Trade Exchanges(INSTEX), France, Germany and the United Kingdom warmly welcome thedecision taken by the governments of Belgium, Denmark, Finland, theNetherlands, Norway and Sweden, to join INSTEX as shareholders,” the threesaid in a joint statement.
The Paris-based INSTEX functions as a clearing house allowing Iran tocontinue to sell oil and import other products or services in exchange.
The system has not yet enabled any transactions.
Washington in 2018 unilaterally withdrew from the international agreementgoverning Iran’s nuclear programme and reinstated heavy sanctions againstTehran.
The accession of the six new members “further strengthens INSTEX anddemonstrates European efforts to facilitate legitimate trade between Europeand Iran”, France, Germany and Britain said.
It represents “a clear expression of our continuing commitment to the JointComprehensive Plan of Action” — the 2015 Iranian nuclear deal — the trioadded.
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They insisted Iran must return to full compliance with its commitmentsunder the deal “without delay”.
“We remain fully committed to pursuing our efforts towards a diplomaticresolution within the framework of the JCPoA.”
The 2015 deal set out the terms under which Iran would restrict its nuclearprogramme to civilian use in exchange for the lifting of Western sanctions.
Since the US pullout, Iran has taken four steps back from the accord.
The latest was on November 4 when its engineers began feeding uraniumhexafluoride gas into mothballed enrichment centrifuges at the undergroundFordow plant south of Tehran. – APP / AFP
