Iran says the Instrument in Support of Trade Exchanges (INSTEX), the financial mechanism proposed by Europeans to enable Iran to get round US sanctions, has failed to prove itself effective in the past two years.

A senior Iranian MP says EU3 is unwilling to use its proposed financial mechanism to benefit Iran.

Iran’s president Hassan Rouhani has emphasized that as the fight against the Covid-19 pandemic rages on across the globe all efforts should be focused on lifting sanctions, resolving differences and ending conflicts.

In this episode of The Debate, we discuss about why Europe has taken the first transaction under INSTEX and why illegal US sanctions against Iran are detrimental when the country is fighting the coronavirus pandemic.

The UK, Germany and France have circumvented US-led sanctions imposed on Iran to send it medical equipment via a special purpose vehicle called INSTEX.

Germany says the European parties to the Iran nuclear deal have registered the first transaction under a system set up to protect companies doing business with Iran from American sanctions.

Iran and the remaining signatories of the nuclear deal, Britain, France, Germany, Russia and China hold a Joint Commission meeting in Vienna.