TEHRAN - Hamid Reza Asefi, a former Iranian diplomat, has said that INSTEX, a European financial channel for trade with Iran, will not have much benefits for the country.

Europeans are killing time, because they have not shown commitment to their obligations under the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action, the Mehr news agency quoted him as saying on Friday.

He added that Europe is moving within the framework of the U.S. policies.

Asefi, who served as Iran’s ambassador to France and Foreign Ministry spokesman, noted that Iran should rely on domestic capabilities to develop its economy and make advances.

After months of delay on January 31, France, Germany and Britain finally announced the creation of INSTEX, a special purpose vehicle aimed at facilitating legitimate trade between European economic operators and Iran.

The European Union foreign policy chief Federica Mogherini, French Foreign Minister Jean-Yves Le Drian, German Foreign Minister Heiko Maas and British Foreign Secretary Jeremy Hunt has said INSTEX will support legitimate European trade with Iran.

In May 2018, U.S. President Donald Trump unilaterally pulled Washington out of the JCPOA and ordered reimposition of sanctions against Iran. The first round of sanctions went into force on August 6 and the second round, which targets Iran’s oil exports and banks, were snapped back on November 4.

Speaking at the Munich Security Conference on Feb. 16, U.S. Vice President Mike Pence urged European powers Germany, France, and Britain to follow Washington in withdrawing from the deal and to “stop undermining U.S. sanctions.”

NA/PA