Iran’s political and financial interests at present lie in remaining in the 2015 nuclear pact, but the adherence will definitely not be sustainable if the European Union continues to vacillates over its strategies to salvage the deal, a top diplomat warned.
Under the nuclear agreement (formally known as the Joint Comprehensive Plan of Action) signed in 2015 with the six world powers, Iran agreed to place curbs on its nuclear program in return for sanctions relief. However, the United States reimposed sanctions after unilaterally withdrawing from the deal in May.
EU countries have been trying to rescue the accord by preserving Iran’s interests through mechanisms to bypass the sanctions.
A Special Purpose Vehicle is EU’s key effort to keep trade with Iran on a non-dollar basis. It was due to be established by this month, but has faced a delay as no European country has offered to host it, supposedly for fear of possible US penalties.
Deputy Foreign Minister Abbas Araqchi appreciated Europe’s full political support for the deal over the past six months, but complained that “this period has not been too short for coming up with practical solutions”.
Speaking at a conference on regional developments and international order in Tehran on Monday, Araqchi emphasized that for Iran, it does not make a difference whether Europe is unwilling to take a measure and is playing games or is willing but unable to deliver on pledges, since the result would be the same.
“We will stick to JCPOA so long as it is in our interest, otherwise adhering to it would be pointless,” he was quoted as saying by ISNA.
The SPV was conceived as a clearing house that could be used to help match Iranian oil and gas exports against the purchase of EU goods, circumventing US sanctions based on the global use of the dollar for oil sales, according to Reuters.
Consequences for EU
Araqchi also pointed to the consequences that Europe will have to face with the collapse of JCPOA.
“If Europeans give in [to US pressure], their sovereignty, authority and security will come into question,” he said.
He added that the EU needs to figure out whether it will be capable of dealing with a new wave of terrorism, immigration and nuclear crises that could arise following the breakdown of the nuclear deal.
“Without doubt, Europe will pay a higher price than the US, if JCPOA falls apart,” he said.
Besides, he stressed that Iran will not buckle under US sanctions, especially given the positive view of the global community and repeated reports by the UN nuclear agency confirming Iran’s commitment to its obligations.
“The costs of sanctions will not be low for Iran, but we will eventually find a way out,” he said.
Still Hopeful
Foreign Ministry Spokesman Bahram Qasemi also said in a press briefing on Monday that Iran is still hopeful about the deal’s survival in view of EU’s mechanism to protect trade with Iran from US penalties.
“This is a new mechanism and a novel experience and there are some ambiguities on its implementation ... But we remain hopeful that the Europeans can save the deal,” he said.
Qasemi added that Iran expects EU to implement the SPV as soon as possible, because “Iran adheres to its commitments as long as other signatories honor theirs.”
Also on Monday, EU foreign policy chief, Federica Mogherini, told reporters that their efforts are progressing well but that she could not provide a precise date for the system’s implementation.
