BERLIN. July 18 (Interfax) - Berlin has no illusions about the prospects for the use of the Instrument in Support of Trade Exchanges (INSTEX) mechanism with Iran, but is nonetheless trying to save the Joint Comprehensive Plan of Action (JCPOA), German Foreign Minister Heiko Maas said in an interview with Interfax.
"We are having no illusions that we could compensate for the economic implications of the U.S.' withdrawal from the Vienna nuclear agreement. But, together with France and the United Kingdom, we are making it clear all the time that we stand by the JCPOA and intend to further fulfill our obligations under this agreement. INSTEX is an important component of European efforts to preserve the JCPOA," Maas said.
U.S. President Donald Trump announced on May 8, 2018 his country's withdrawal from the JCPOA on the Iranian nuclear program and the re-imposition of economic sanctions on Iran, including oil sanctions.
INSTEX is a special European mechanism intended to facilitate trade with Iran. The mechanism has already seen the first trade transactions. However, Tehran doubts that INSTEX is effective enough to help salvage the Iran nuclear deal.