Iraq News - Local News - Baghdadpost

European trade mechanism to unlikely happen: Iranian lawmaker

European Union flag - Pixino
European Union flag - Pixino
Hishmatullah Fallah Beshah, head of the National Security and Foreign Policy Parliamentary Committee ruled out the possibility that Europeans would activate the Instrument in Support of Trade Exchanges (INSTEX).

INSTEX is a special-purpose vehicle (SPV) established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran.

"The Europeans are sticking to the nuclear agreement, but they are not doing anything to preserve it," Beshah said in an interview with Mehr news agency on Tuesday.

"The Europeans have not delivered on their promises concerning the agreement and are not independent actors in the current developments. They are waiting to see how the new circumstances between Iran and the United States will go," Beshah added.

"Those who believe that Europe must rescue the agreement are wrong," said Beshah.

Enriched Uranium

This comes a day after Iran's Atomic Energy Organization (IAEA) spokesman Behruz Kamalundi announced that Iran had increased its production of enriched uranium, saying that Iran now produces four times as much low-enriched uranium as before.

The reports appeared shortly after US President Donald Trump warned Iran, saying that Iran will face its end in case it went in a war with the US.

Probable war

Tensions have escalated recently between the US and Iran with increasing concerns about a potential US-Iran war. Earlier, the US pulled some diplomatic staff from its embassy in Baghdad following weekend attacks on four oil tankers in the Gulf, Reuters reported.

Tensions extremely role when Trump decided to pull out from the 2015 nuclear accord between Iran and world powers and impose heavy sanction.

The US administration also banned other states from importing Iranian oil, as measures can be taken against them in case they do.

Iran announced it was backing away from the nuclear deal in which it agreed to limit its enrichment of uranium in case the US sanctions imposed against them were removed, the VOA reported. Iran has given European countries 60 days to come up with a new deal or it will begin enriching uranium at a higher level, the VOA added.


Last Modified: Wednesday، 22 May 2019 03:17 AM