(Persia Digest) - Governor of the Central Bank of Iran (CBI) has criticized EU’s approach in launching the special financial channel with Iran, by saying: “Repetitive sentences by the EU such as we fully support the special financial channel is a déjà vu and threadbare.”

Persia Digest (PD) reports that following the EU ministerial meeting on Monday, the High Representative of the Union for Foreign Affairs and Security Policy, Federica Mogherini, announced: “Instex will start working in the coming weeks.”

CBI Governor, Abdolnaser Hemmati, responded to the above by posting on his Instagram page: “The EU has been promising a financial channel to trade with Iran for a year now. This was finally introduced three months ago. The Iranian equivalent called SATMA in Persian was launched in Tehran two months ago. Repetitive sentences by the EU such as we fully support the special financial channel is a déjà vu and threadbare.”

Hemmati continued: “The easiest way to operate Instex and SATMA is for European companies to buy oil or grant a credit line to European exporters to begin exports to Iran. If they are concerned about the US response to the type of exported goods to Iran, they can test their strength by exporting humanitarian goods such as medicines. The ball is in their court now.

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Iranian mechanism in line with Instex to be launched soon

Persia Digest (PD) reports that sources close to European diplomats have told Reuters Tehran will stay in the JCPOA only if it can export 1.5MM bpd of oil. This figure has not been put in writing and has only been agreed to orally between Iran and the EU.”

When asked at a news conference on Monday if efforts to keep Iranian oil exports at 1.5MM bpd is possible, Mogherini said: “I cannot comment on this.”

The Instrument in Support of Trade Exchanges (Instex) was adopted by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on 1 January.

Instex has been registered by France's Economy and Finance Ministry in Paris. German banker Per Fischer has been chosen for a period of six months to run it.

Read more:

Road map for Iran-EU trade and investment relations

Iran's leaders have a more realistic view of Europe now

Doubts set in re INSTEX efficacy

Earlier, Ali Asghar Nouri, CEO of SATMA, Iran's special financial channel for trade responded to the remarks made by German Foreign Ministry spokeswoman Maria Adebahr holding Iran responsible for the delay in starting Instex by saying that based on the text of the Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), other signatories, especially Europeans are responsible for guaranteeing Iran's economic interests.

He added that any measures taken by Iran based on Instex is a help for Europe to accomplish its commitments in the JCPOA.

He referred to establishing a parallel mechanism to Instex in Iran and said Iran is ready to start the process if Europe is ready.

He stressed that economic interactions under Instex will be minimal between the two sides, meaning that these issues will be of less importance until both sides' banks have direct interactions.

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