Belgium joins EU special payment scheme for Iran

BRUSSELS, The foreign affairs commission of the Belgian parliament has approved a draft resolution supporting Belgium’s membership of INSTEX, the European special purpose scheme to allow European companies to trade with Iran, despite US sanctions.

A company to operate the mechanism was set up in Paris. Other than Belgium, eight EU countries and Norway have said they are ready to use it, the Brussels Times daily reported Wednesday.

The Belgian government, decided to join with a stake in INSTEX but wanted parliamentary approval. The commission for foreign affairs has given its support with a unanimous vote. INSTEX is limited to the areas of health and food processing.

The instigation of the mechanism aims not only to allow European companies to do trade with, but also to exert pressure on Iran so that it applies the nuclear agreement, Belgian foreign affairs minister, Didier Reynders, said.

In 2015, an agreement was reached between Iran and the five permanent members of the UN Security Council plus Germany to oversee Iran’s nuclear-related activities. The US decided in 2018 to withdraw from the nuclear deal and re-impose sanctions against Iran.

Source: Kuwait News Agency