Iraqi: New Ideas Proposed for Iran-Europe Financial System

Abbas Araghchi, the political deputy of Iran's Foreign Minister, stated that during negotiations between Iran and Europe, "new ideas" have been proposed for establishing a financial system for trade interactions between the two parties. He mentioned this in an interview with Kyodo News but did not provide details about these "new ideas and solutions." The senior nuclear negotiator of the Islamic Republic only said that these ideas were "related to the management of this system and its registration in Europe." The European Union has announced its plan to establish a special mechanism for non-dollar transactions between European companies and Iran; however, this plan, which was supposed to be implemented on November 4, is still entangled in finding a host country for this mechanism. Iranian officials, including Araghchi, believe that the direct threats to European companies by Brian Hook, the U.S. Special Representative for Iran, are the main reason for the refusal of European countries to host this special financial mechanism. The political deputy of Iran's Foreign Minister added that "Tehran still benefits from some advantages of the JCPOA, but if the necessary time passes and it does not benefit from this agreement, it will not remain in it for a single day." Araghchi warned that "the economic benefits of the JCPOA for Iran have diminished," and stated: "If this situation continues, this agreement will be close to death, and Europe's efforts to protect it will no longer be effective." He, like the Foreign Minister and the head of Iran's Atomic Energy Organization, warned Europe that "time is passing quickly, and our patience is running out," and the European Union "must guarantee the process of trade interactions with Iran." Araghchi had previously declared that Tehran's benefit from the advantages of the nuclear agreement "JCPOA" was "close to zero" due to the return of U.S. sanctions. The head of Iran's Atomic Energy Organization warned the European Union that Tehran's patience regarding the Union's promises to continue oil transactions despite U.S. sanctions is running out. Ali Akbar Salehi stated that if Iran does not benefit from the economic advantages of the JCPOA, it may resume uranium enrichment at 20% purity. He added in an interview with Reuters, "If it does not benefit us, why should we remain in the JCPOA? Voices opposing this agreement are increasing every day in Iran." With the failure of efforts to establish a special financial mechanism in the period of U.S. sanctions against the Islamic Republic, Mohammad Javad Zarif, Iran's Foreign Minister, has also hinted to European countries that "you cannot swim without getting wet."