France determined to implement Iran nuclear deal despite Washington's sanctionsChristian Fernsby ▼ | April 24, 2019
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.
Europe Agnes Von der Muhll
"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. ■