Iran threatens to drop more nuke commitments

Iranian Foreign Minister Mohammad Javad Zarif said on Wednesday that the Islamic Republic is determined to suspend more of its commitments under a 2015 landmark nuclear deal if the European signatories fail to uphold their end of the deal, state TV reported.

Zarif made the remarks on the sidelines of a Cabinet meeting.

He referred to the EU-designed special payment channel with Iran, complaining that it was still in its preliminary stage and was yet to become operational.

The EU announced the launch of its special payment channel with Iran, namely INSTEX, in January to secure trade with Iran and skirt Washington's anti-Iran sanctions.

He also criticized what he called the US interference in the implementation of the EU payment channel, saying that "INSTEX should not be turned into a tool for carrying out US orders and (enable) them (Americans) to decide how this mechanism can function", Xinhua news agency reported. 

The mechanism should guarantee that Iran would be able to sell its oil and collect the revenue, Zarif said.

He urged Europe to "use courage to act based on its commitments, not on the American demands".

According to a report by Iran's Eghtesadonline news website, the INSTEX would initially only entail deals in products such as pharmaceuticals and food, which are not subject to the US sanctions.

The Islamic republic started withdrawal from parts of its obligations under the deal in two intervals since May, 2019, one year after Washington's withdrawal from the deal. IANS