France reiterated its commitment to the Iran nuclear deal, despite United States’ decision to end sanction waivers on the import of Iranian oil, a Foreign Ministry spokesperson said on Tuesday.
Expressing determination to implement the Joint Comprehensive Plan of Action (JCPoA), France…with its European partners…intends to continue its efforts to ensure that Iran reaps the economic benefits associated with the lifting of sanctions as long as it continues to honor all of its nuclear obligations,” said Agnes Von der Muhll, the spokesperson.
“To that end, France, Germany and the United Kingdom established the INSTEX financial compensation mechanism, which will facilitate financial transactions for European firms that wish to maintain trade relations with Iran, in accordance with European and international law,” she added at an e-press briefing.
Announced on Jan. 31, the Instrument for Supporting Trade Exchanges, or INSTEX, is not operational yet. According to Von der Muhll, “the work initiated is progressing in a positive manner with a view toward ensuring its successful conclusion in the near future.”
Earlier this week, U.S. Secretary of State Mike Pompeo announced an end to sanctions waivers it has granted eight countries that import Iranian oil, such as South Korea, Japan and Turkey. He also warned that buyers of Iranian oil would face sanctions if they would not stop purchases by May 1.
The Iran nuclear deal was inked by Iran with Britain, China, France, Germany, Russia and the United States under the Obama presidency. Under the deal, Tehran agreed to roll back parts of its nuclear weapon program in exchange for decreased economic sanctions.
But the Trump administration later pulled the U.S. out of the deal and imposed its sanctions on Iran in November.