Iran hopes to have its part of a new payments vehicle -- devised to allow it to trade with EU firms despite US sanctions -- -- ready within a fortnight, Deputy Foreign Minister Abbas Araghchi said Wednesday.

"We hope it will be before the end of the Iranian calendar year," Araghchi told reporters in Vienna, referring to March 20.

He said that Iran now had a "clearer picture" of how the new vehicle, known as INSTEX -- short for Instrument in Support of Trade Exchanges - -- would work and that its managing director would visit Tehran for discussions "very soon".

But he added that only when the mechanism becomes fully operational would Iran be able to assess whether it "can work properly and can produce results, (and) can do payments between Iran and European countries".

Araghchi was in the Austrian capital for a "joint commission" with representatives from China, Russia, Britain, Germany and France -- all signatories of the international deal on Iran's nuclear programme.

INSTEX was launched at the end of January by Britain, France and Germany.

It is seen as key to European Union efforts to preserve the deal struck in 2015 between world powers and Iran over its nuclear programme, the Joint Comprehensive Plan of Action (JCPOA).

The US was also a signatory but last May President Donald Trump withdrew from the deal and in November imposed sweeping new sanctions on Iran.

- Remaining members 'united' -

Araghchi said there was "very strong support" for the deal from all participants at the meeting.

He emphasised that Iran expects INSTEX to work "for all goods and commodities, not only humanitarian goods", but that it could start with humanitarian goods "in order to set the patterns for doing business with Iran".

"Once the patterns are set, then other goods, including sanctioned goods -- and oil of course -- would be added to this mechanism," he added.

"It is late but still a move in the right direction," Araghchi said.

INSTEX, to be registered in France with German governance, will allow Iran to trade with EU companies despite Washington reimposing sanctions after President Donald Trump pulled out of the 2015 accord.

The EU representative, who chairs the joint commission, said in a statement after the meeting that the EU would continue to support the work to make INSTEX operational "as soon as possible in close coordination with an Iranian corresponding entity which is being established".

Russia's ambassador to Vienna's UN organisations, Mikhail Ulyanov, who was also at the meeting, told AFP the remaining signatories to the deal are "united in the need to save the JCPOA".

"There are some problems, particularly in the economic field but we are aimed at overcoming them as soon as possible," Ulyanov said.

He said the speed with which INSTEX became fully operational was up to Germany, France, Britain and Iran.

But Ulyanov added: "I believe it may take a rather long time, at least a few months; most likely even more."

In February the UN's International Atomic Energy Agency watchdog said Iran was adhering to the terms of the JCPOA, under which Tehran drastically scaled back its nuclear programme in return for sanctions relief.

Washington has urged European signatories to the JCPOA to follow Trump's example and withdraw, but this has been rejected by the Europeans.

Related Links
Learn about nuclear weapons doctrine and defense at SpaceWar.com
Learn about missile defense at SpaceWar.com
All about missiles at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Iran's Javad Zarif, public face of detente with West, resigns
Tehran (AFP) Feb 26, 2019
Iranian Foreign Minister Mohammad Javad Zarif, who was the lead negotiator in a landmark 2015 nuclear deal with major powers, has abruptly tendered his resignation, although there was no sign on Tuesday President Hassan Rouhani had accepted it. Zarif offered an apology for his "shortcomings" in Monday's unexpected Instagram message, with prominent members of parliament calling for Rouhani to reject the resignation. Zarif, 59, has served as Rouhani's foreign minister since August 2013 and has bee ... read more