23:00 GMT +322 October 2019
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    Iranian Rial

    EU Agrees to Contribute $15Bln to INSTEX Mechanism for Trade With Tehran - Iran's Lawmaker

    © AFP 2019 / BEHROUZ MEHRI
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    TEHRAN (Sputnik) - In September, Iranian Deputy Foreign Minister Abbas Araghchi said that the country would resume compliance with the Iran nuclear deal if it received the $15 billion tranche before the end of the year.

    The European Union has agreed to contribute $15 billion to the fund of INSTEX trade mechanism that was set up by the European Union to continue trade with Iran bypassing US sanctions and in an effort to save the nuclear deal with Tehran, senior Iranian lawmaker Mucteba Zunnur said on Sunday.

    "The Europeans have agreed to contribute $15 billion to the INSTEX fund in three tranches," Zunnur said as quoted by Tasnim news agency.

    The US unilaterally withdrew from the Iranian nuclear deal last year and reinstated economic sanctions on Iran. In May 2019, Tehran said it would partially suspend its commitments under the 2015 deal and gave Europe sixty days to guarantee that Iran's interests are protected under the agreement. 

    INSTEX was set up by France, Germany and the United Kingdom in January to ease non-dollar trade with Tehran in the wake of the US sanctions. Following a meeting of the Joint Commission of the Iranian nuclear deal in June, the mechanism became operational and available to all EU member states.

    Related:

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    Mogherini, Zarif Agree to Work Together for Further Implementation of INSTEX
    Iran to Act Firmly If EU Trade Mechanism INSTEX Fails to Meet Tehran Requirements
    Tags:
    INSTEX, Trade, sanctions, EU, Iran
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