Zarif: Europe's Financial Channel is the Only Prerequisite for Preserving the JCPOA

Iran's Foreign Minister Mohammad Javad Zarif stated that the European financial mechanism, or "INSTEX," is the "only prerequisite" for Europe to fulfill its commitments to preserve the Joint Comprehensive Plan of Action (JCPOA). In an interview with the Swiss newspaper "Tages-Anzeiger," published in Iranian media on Friday, March 3, he also warned that if all of Iran's customers stop buying oil from the country, the Islamic Republic will use "other tools." Zarif mentioned that after the U.S. withdrawal from the JCPOA, other involved countries made "12 commitments" to maintain this agreement. On October 24, the foreign ministers of France, Russia, China, the UK, and Germany, along with EU foreign policy chief Federica Mogherini, issued a 12-point statement to preserve the JCPOA. In point 9 of the joint statement by Iran and the 1+4, the remaining members of the JCPOA emphasized their commitment to "real and effective actions to ensure payment channels to Iran and the continuation of oil and gas condensate exports, as well as petrochemical products." However, Zarif stated that the establishment of the European financial mechanism for trade with Iran is not part of these commitments and is "only a prerequisite for implementing the promises made." He stressed that the JCPOA anticipated the normalization of economic relations between Western countries and Iran, but this financial channel does not mean economic normalization, "but rather the opposite." Zarif also pointed out that the exit of European companies from Iran due to U.S. pressure means that "only beautiful words are not enough in the long term." On Thursday, February 7, Zarif had previously stated that European countries had "fallen short" in fulfilling their commitments to preserve the JCPOA. The three European countries involved in nuclear talks with Iran, namely Germany, France, and the UK, announced on February 11 the official registration of a special financial mechanism for trade with Iran under the name "INSTEX" (Instrument in Support of Trade Exchanges). Some close associates of the Supreme Leader of the Islamic Republic described this mechanism using phrases like "oil for food policy" and opposed it. This group also included opponents of the Vienna nuclear agreement. Warning about the possibility of opponents of the JCPOA becoming a majority, Zarif said: "A very powerful minority in our country opposed the JCPOA. But if people become more angry, this group may soon become the majority." He also threatened that if all of Iran's customers stop buying oil from the country, "we will use other tools." Zarif did not provide further details about this threat, saying: "Trump likes surprises, and that is why we behave this way with him." Iranian officials have repeatedly threatened that if Iran cannot export its oil, other countries will also not be able to export their oil, a threat interpreted as Iran's potential intention to close the Strait of Hormuz, one of the most important oil passageways in the world. Following these threats, Admiral John Richardson, the operational commander of the U.S. Navy, warned Iran that the United States would maintain the freedom of navigation in the Strait of Hormuz by force if necessary. After the U.S. withdrawal from the JCPOA, the Islamic Revolutionary Guard Corps and the military have conducted several exercises, particularly in the Persian Gulf. Despite the escalation of verbal warfare between Iranian and American officials, some Iranian officials have ruled out the possibility of military conflict.