Europe's Vehicle For Iran Trade is Attempt to 'Break American Sanctions' - Pence

A Special Purpose Vehicle, called INSTEX (short for Instrument for Supporting Trade Exchanges) was created by Paris, Berlin, and London at the beginning of February in order to continue trading with Tehran and to avoid US sanctions imposed on Iran.

"Sadly, some of our leading European partners have not been nearly as cooperative. In fact, they have led the effort to create mechanisms to break up our sanctions", US Vice President Mike Pence said Thursday during a conference on the Middle East organised by Washington in Warsaw.

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According to Pence, the introduction of the INSTEX mechanism is "an ill-advised step" that could create distance between the US and the European Union.

He reiterated that Iran is the "greatest threat to peace and security in the Middle East", accusing Tehran of plotting a "new Holocaust" in the region. The US Vice President also urged EU allies to follow Washington and withdraw from the joint Comprehensive Plan of Action (JCPOA), also known as Iranian nuclear deal.

"The universal view of those who spoke here last night is very confident: that Iran has actually become more aggressive since the JCPOA [Joint Comprehensive Plan of Action, also known as the Iran nuclear deal] was signed, not less", Pence added.

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The two-day global ministerial meeting on the Middle East, co-hosted by Poland and the United States, began in Warsaw on Wednesday.

The event was ignored by Russia, Turkey, and Iran, while the French and German foreign ministers are not attending the summit.