Central Bank of Iran (CBI) said that lack of courage of Europeans is the main cause behind failure of INSTEX financial channel.
In its reaction to Germany on Monday, CBI reiterated that European countries failed to live up their obligations in launching this financial channel with the Islamic Republic of Iran.
German Deputy Foreign Minister recently said that INSTEX financial mechanism, which was set up two years ago to facilitate trade between Europe and Iran, had not been effective and that Iran was responsible for the failure of INSTEX because it did not agree to the deal.
While rejecting the remarks of the German official, the CBI announced its official Twitter that INSTEX was designed to save the 2015 nuclear deal, officially known as Joint Comprehensive Plan of Action (JCPOA).
The channel, however, did not work because European countries “did not have the courage to exert their national and independent economic power in this respect,” the CBI said.
“They (Europeans) also found no way to finance INSTEX. It is clear that Islamic Republic of Iran is not willing to move its financial resources just to maintain the European channel and to import goods that it can supply from other channels.”
INSTEX was supposed to shape trade relations between Iran and Europe independent of US sanctions, not define it within the framework of sanctions, CBI added.
Source: Iranian media
