EU Announces Strides in Iran Trade Mechanism Amid Nuclear Deal Scramble
The European Union says talks are under way on whether a barter mechanism aimed at salvaging some trade with Iran might include oil, as Europeans scramble to ease tensions between Iran and the United States. Following a meeting among European foreign ministers in Brussels, EU foreign policy chief Federica Mogherini said the special barter mechanism with Iran known as INSTEX would be open to third-party countries. The mechanism is aimed at working around U.S. sanctions, and for now, it narrowly targets humanitarian goods. “The issue of whether INSTEX will deal with oil or not is a discussion that is ongoing among the shareholders,” Mogherini said. “We have around 10 member states and some are considering actively dong that.” Europeans are increasingly alarmed the four-year-old Iran nuclear deal, known in shorthand as JCPOA, is on the verge of collapse — a message delivered by France, Britain and Germany as they urged nations to resume talks. Earlier Monday, British Foreign Secretary Jeremy Hunt offered a sliver of hope. “Iran is still a good year away from developing a nuclear bomb,” he said. “There is still some closing, but small window to keep the deal alive.” French Foreign Minister Jean-Yves Le Drian said …