US Restrictions Undermining JCPOA Success

US Restrictions Undermining JCPOA Success US Restrictions Undermining JCPOA Success

The principle of reciprocity, which is key to the successful implementation of the nuclear deal with major powers, is being violated by the US restrictions hindering Iran's economic revival.

"Iran and P5+1 (the five permanent members of the UN Security Council plus Germany) should both honor their respective commitments under the JCPOA," Majid Takht-Ravanchi said, adding that the other side's failure to do so is jeopardizing the deal.

"The action plan explicitly states that the agreement should be implemented successfully. When part of it is not being implemented accurately, it is not successful," he said in an interview with Tasnim News Agency on Tuesday.

The UN nuclear agency verified that Iran scaled down its nuclear program by completing measures under last July's accord, allowing it to take effect in January to give Iran sanctions relief in return.

The International Atomic Energy Agency is now monitoring and verifying Tehran's continued compliance with the agreement, formally known as the Joint Comprehensive Plan of Action.

However, much to Iran's frustration, international firms and banks are avoiding the Iranian market fearing punishment in case they fall foul of lingering US sanctions that ban access to the US financial system and currency in Iran-linked transactions.

Some of these institutions had been previously hit by hefty US fines on charges of sanctions busting. Takht-Ravanchi noted that the deal commits the two sides "to implement this JCPOA in good faith and in a constructive atmosphere, based on mutual respect, and to refrain from any action inconsistent with the letter, spirit and intent of this JCPOA that would undermine its successful implementation".

The deputy foreign minister said absence of full access for Iran to the international banking system means the JCPOA implementation has not been successful. "The problem appears to be solvable through the mechanism defined by JCPOA. We have begun work using this mechanism and we are pursuing the issue vigorously in our contacts with European countries and the United States," he said.

Takht-Ravanchi stressed by saying, "We are on the right track."

Pointing to the eagerness of Europeans to gain a foothold in Iran's lucrative economy, Takht-Ravanchi said they are pressuring the Americans in this respect, so this situation cannot continue for long.

"Iran has been cut off from the global banking network over the sanctions years, so it will take time to restore a standard level of banking relations," he said.

In related remarks, Foreign Minister Mohammad Javad Zarif said diplomatic efforts are underway to compel Washington to help revive the foreign investor confidence in Iran's market.