France, Germany and the United Kingdom, in accordance
with their resolute commitment and continued efforts
to preserve the Joint Comprehensive Plan of Action
(JCPOA) endorsed by United Nations Security Council
resolution 2231, announce the creation of INSTEX SAS
(Instrument for Supporting Trade Exchanges), a
Special Purpose Vehicle aimed at facilitating
legitimate trade between European economic operators
and Iran.
The E3 reaffirm that their efforts to preserve the
economic provisions of the JCPOA are conditioned upon
Iran’s full implementation of its nuclear-related
commitments, including full and timely cooperation
with the IAEA.
INSTEX will support legitimate European trade with
Iran, focusing initially on the sectors most
essential to the Iranian population – such as
pharmaceutical, medical devices and agri-food goods.
INSTEX aims in the long term to be open to economic
operators from third countries who wish to trade with
Iran and the E3 continue to explore how to achieve
this objective.
The creation of INSTEX is a major first step taken by
E3 countries today. The operationalisation of INSTEX
will follow a step-by-step approach: The E3 together
with INSTEX will continue to work on concrete and
operational details to define the way the company
will operate; the E3 will also work with Iran to
create an effective and transparent corresponding
entity that is required to be able to operationalise
INSTEX.
INSTEX will function under the highest international
standards with regards to anti-money laundering,
combating the financing of terrorism (AML/CFT) and EU
and UN sanctions compliance. In this respect, the E3
expect Iran to swiftly implement all elements of its
FATF action plan.
The E3 underline their commitment to pursue the
further development of INSTEX with interested
European countries to make this instrument in support
of trade exchanges with Iran operational by following
the steps set out above.
Speaking at the EU Foreign Ministers’ meeting in
Bucharest, Foreign Secretary said:
Today we have taken a significant step forward in
delivering our commitment under the Iran nuclear deal
to preserve sanctions relief for the people of Iran.
We - the E3 - have registered a new Special Purpose
Vehicle which, when operational, will allow
legitimate trade between Europe and Iran.
This is a clear, practical demonstration that we
remain firmly committed to the historic 2015 nuclear
deal struck with Iran, the Joint Comprehensive Plan
of Action, for as long as Iran keeps implementing it
fully.
The SPV will facilitate legitimate trade under
European and international law. Its immediate focus
will be on enabling trade in goods where the
immediate need of the Iranian people is greatest,
i.e. foodstuffs, pharmaceuticals and consumer goods.
Registration is a big step, but there is still more
work to be done. The E3 are working closely to
address all the technical and legal aspects required
to make this vehicle operational. That includes work
with Iran to establish necessary counterpart
structures. The Iran nuclear deal remains central to
international efforts to halt nuclear proliferation
and is crucial for the security of the region. But we
are clear, this commitment does not in any way
preclude us from addressing Iran’s hostile and
destabilising activities.
