Mogherini, Zarif Agree to Work Together for Further Implementation of INSTEX

By Staff, Sputnik

EU foreign policy chief Federica Mogherini and Iranian FM Mohammad Javad Zarif at a meeting expressed their commitment to cooperate for further implementation of the Instrument in Support of Trade Exchanges (INSTEX), which allows bypassing US sanctions, the European External Action Service (EEAS) said in a statement.

They discussed the state of implementation of the Joint Comprehensive Plan of Action (JCPOA). The High Representative reiterated the EU's firm determination to preserve the JCPOA, which continues to deliver on its objectives and is crucial for both regional and global security. She also underlined the need for continued full and effective implementation of the deal by all parties, and in this regard both High Representative Mogherini and Minister Zarif discussed the recent registration of INSTEX in France and committed to work together for its further operationalization," the statement, published after the talks on the sidelines of the Munich Security Conference on Friday, read.

The diplomats also addressed human rights and Middle Eastern crises.

In late January, Germany, France and the United Kingdom said they had set up INSTEX which would initially deal with food and medicine.

The US sanctions against Tehran were reinstated in 2018 after the United States withdrew from the Joint Comprehensive Plan of Action (JCPOA), which provided for the relief of economic sanctions against Tehran in return for Iran's pledge to keep its nuclear program peaceful.

China, France, Germany, Iran, Russia, the United Kingdom, and the European Union— the other signatories to the Iran nuclear deal — slammed Washington's withdrawal from the agreement and the reinstatement of sanctions, saying it threatened not only Iran but also countries and companies that continued to do business with Tehran.

In this context, the remaining JCPOA signatories agreed that a special mechanism would be established to facilitate trade between companies and Iran amid the US sanctions.