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Firm Line Adopted on West's Laxity on JCPOA

Firm Line Adopted on West's Laxity on JCPOAFirm Line Adopted on West's Laxity on JCPOA

A nuclear negotiator said Iran has adopted a tough line on irregularities by the western side to the nuclear accord to ease domestic concerns surrounding what some describe as the US non-adherence to the deal.

The landmark agreement was negotiated with major powers and is formally known as the Joint Comprehensive Plan of Action.

"[Iran's concerns] are being addressed one after another, although there are still delays, negligence and promise-breaking on the part of the other side, which we have strongly objected to. We constantly remind them of their commitments," Abbas Araqchi said, ICANA reported on Tuesday.

"Almost all problems in the insurance sector and some in the banking and financial sectors have been resolved," said Araqchi who leads the Foreign Ministry's office for monitoring the JCPOA implementation.

Iran acceded to temporary curbs on its nuclear program under the action plan on the expectation that it would end crippling international sanctions and clear the path for Iran's reentry into global markets.

But much to its frustration, foreign investors and bankers have held back from the Iranian economy, citing the remaining non-nuclear US restrictions and as a result, few deals have gone through since the JCPOA took effect in January.

US sanctions, imposed over allegations of terrorism sponsorship and human rights violations, include a ban on the use of the US dollar to clear Iran-linked transactions through the US financial system.

Overseas firms and banks have learned a lesson from what some of their counterparts went through in the past that a breach of the ban, even though unwittingly, could result in hefty US fines and this has made them unwilling to approach Iranians for trade.

  Anti-West Sentiment   

The slow growth has inflamed anti-western sentiments in the Islamic Republic.

Earlier this month, Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei criticized the US approach toward the deal, saying it testifies to its untrustworthy nature and has substantiated the pointlessness of holding negotiations with the Americans and the need to stick to a distrustful view of US promises.

Parliament Speaker Ali Larijani has urged the Atomic Energy Organization of Iran to begin to consider ramping up nuclear enrichment.

Also, lawmakers have called for a unified response to the apparent US non-compliance with the 2015 nuclear deal by using the mechanism envisaged in the accord to address irregularities by any party.

Araqchi said the government has taken the lawmaker's advice and raised the issue with the Joint Commission, a panel of representatives from all the JCPOA participants, tasked under the action plan to monitor it and address issues arising from its implementation.

"We will begin following legal procedures as defined in the JCPOA if necessary, at the discretion of the JCPOA monitoring commission" assigned by the Supreme National Security Council, the diplomat added.

Financialtribune.com