On Wednesday, 6 March, the members of the E3+2 (Germany, France, and the United Kingdom and China and Russia) and Iran emphasised their willingness to continue their economic cooperation in a statement by the Chair of the Joint Commission on the Iranian nuclear agreement published following a meeting of the commission in Vienna.
“Mindful of the urgency and the need for tangible results,” the participants welcomed the registration of INSTEX, a ‘Special Purpose Vehicle’ (or SPV), and “determination of France, Germany, and the United Kingdom [...] to facilitate and enable legitimate trade with Iran, consistent with international and European laws and regulations” (see EUROPE 12184/1). “The EU will continue to support the work to make this vehicle operational as soon as possible in close coordination with an Iranian corresponding entity which is being established”, stated the Chair, adding that the EU will equally support the commitment to further develop INSTEX with interested European countries and to work to open it, at a later stage, to economic operators from third countries.
Speaking to the media in Vienna, Iranian Deputy Foreign Minister Abbas Araghchi announced that his country hopes to establish INSTEX’s counterpart entity by “the end of the Iranian year”, namely 20 March. This body must be separate from the Iranian Central Bank, which is subject to US sanctions, and comply with international rules against money laundering and terrorist financing, which Iranians denounce (see EUROPE 12187/10). Mr Araghchi acknowledged that it would take time to determine whether the future mechanism was working properly and producing results.
Without giving details, the Chair’s statement explains that the participants discussed plans to support and promote trade and sectoral relations with Iran, some of which are affected by US sanctions. The participants expressed their “determination to support practical solutions for lifting sanctions”. Plans to protect companies from the extraterritorial effects of US sanctions and economic operators for their investments and other commercial and financial activities in or with Iran were discussed in addition to the continuation of Iran’s exports of oil and gas condensates, petroleum products, and petrochemicals, which are subject to US sanctions. (Original version in French by Camille-Cerise Gessant)