Despite U.S. sanctions and opposition, Japan and the European Union have reiterated support for Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA).
According to a report from Xinhua, European Commission President Jean-Claude Juncker (R), European Council President Donald Tusk (C) and Japanese Prime Minister Shinzo Abe, addressing a press conference during the EU-Japan Summit in Brussels, expressed support for Iran deal.
Both sides agreed on reinforcing multilateral trade system based on the principles of the World Trade Organization.
On May 8, 2018, Trump withdrew from the JCPOA, which was condemned by other parties to the 2015 agreement.
INSTEX was adopted by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on January 1.
INSTEX has been registered at the address of France’s Economy and Finance Ministry in Paris. German banker Per Fischer has been chosen for a period of six months to run it. Also, a senior UK diplomat is expected to head the Supervisory Board.
Earlier, INSTEX president Per Fischer visited Iran to hold talks with Iranian stakeholders in a bid to work out details of the payment channel.
Trump’s choice has faced opposition of the international community; namely Russia, China, the International Atomic Energy Agency (IAEA) and the European Union Foreign Policy Chief Federica Mogherini.
Despite the fact that Washington had claimed to zero Iran oil exports, the US agreed to let eight countries, including China, Japan, India and South Korea, Taiwan, Italy and Greece keep buying Iranian oil after it reimposed sanctions on the OPEC producer on Nov. 5.
The US Secretary of State Mike Pompeo once again in a unilateral and hostile act on Monday declared anti-Iran measure to lift sanctions waivers on buyers of Iran oil.
Earlier, Iranian Foreign Minister Mohammad Javad Zarif said “Well we said very clearly that we will continue to sell our oil and we will continue to survive and our people will show to the United States that they cannot deal with Iran through pressure.”