European think tank: E3 trying hard to shield INSTEX

Following the US' withdrawal from Iran nuclear deal, the EU took stance against the move by devising plans to help preserve the international pact.

By implementing the Blocking Statute, the EU companies’ compliance with the US foreign sanctions was annulled.

In a news meeting in Bucharest late Thursday, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism, known as the INSTEX.

'An important element of the mechanism is its sovereign backing from the E3. The supervisory board of INSTEX will include senior European diplomats such as UK Permanent Under-Secretary of State for Foreign Affairs Simon McDonald; Miguel Berger, head of the economic department at the German Foreign Office; and Maurice Gourdault-Montagne, secretary-general of the French Ministry of Europe and Foreign Affairs. The E3 governments are also shareholders of INSTEX,' ECFR reported.

'The E3 have gone to great lengths to create a diplomatic shield around INSTEX and to share risk among the biggest economies in Europe,' it added.

The European think tank went on to say, 'with the E3 having stuck their necks out, several other European countries are also considering joining the SPV as shareholders,' urging Iran to establish another SPV to mirror INSTEX inside the country.

Earlier, Iranian Foreign Ministry in a statement called the European Union to maintain constructive interaction with Iran based on mutual respect and interests.

In a statement which was released in response to EU's recent statement on Iran's commitment to the nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA), Foreign Ministry said the experience of relations between Iran and the European Union especially recent ones shows that there are various capacities and opportunities for the two sides to develop cooperation.

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