TEHRAN (Iran News) – Head of the Iran-Switzerland Chamber of Commerce believes Europeans killed the time with their financial mechanism of INSTEX after the JCPOA and pull out of the U.S. from the deal, adding that time is limited for resolving banking problem and FATF issue.

Speaking to ILNA, Sharif Nezam Mafi said the U.S. should return to the JCPOA and the FATF dispute should also be resolved in order that banks could work with most of the banks in the world and Iranian businessmen could continue their trade with lesser costs.  He further said but this will also need a range of time because 3 years and a half years later the U.S. will hold another presidential election and one should wait and see whether Donald Trump or his fans will come to power or not.

On the failure of the financial mechanism of INSTEX, he said the reason which made the mechanism fail was that European parties launched the mechanism finally to buy time and not to have banking transactions. He further said so it is clear that there has been no other reason for the failure but the passiveness and lack of political will by the European parties.

Sharif Mafi noted that four years are spent on a financial system and ultimately it does not function is strange especially regarding the Europeans which have modern and state-of-art banking systems. He added perhaps, in the beginning, they had decided to launch the mechanism to resolve the problems but due to its complication they decided to let it alone and it indicates that there has been no strong will behind it.

On resolving the banking problems of Iran, he said first the U.S. should return to the JCPOA and the problem of FATF is solved in order that our banks can work with international banks and businessmen can reduce the cost of their trade but it needs a range of time because 3 years and a half later Trump and his fans may come to power and if it happens, again Iran will see more pressure on its banking system.

Sharif Mafi went on to say that since JCPOA has not been approved by in the U.S. Senate and it is just a government executive treaty if Joe Biden returns to the JCPOA, the next president may once again pull out of it and we have seen how Trump easily did it once.

He said he thinks one of the demands of Iranians from the U.S. will be the approval of the JCPOA in the Senate for more guarantee on its implementation because if the JCPOA is to be left or rejoined every four years after arrival or departure of a president in the U.S., nobody will take it seriously.

On Switzerland’s Humanitarian Trade Agreement (SHTA), he said since the restrictions of the U.S. and FATF are valid, the SHTA is still working, adding that SHTA is not an institute like INSTEX but it is a channel for issuing a certain series of licensees. He noted if Biden rejoins the JCPOA or the FATF problem is resolved, these licenses will still be required but the number of banks would change and instead of one bank, six or seven banks would be involved in working with Iran.

He expressed hope that by the departure of Trump, countries like South Korea, Iraq, China, and Japan which had blocked Iran’s funds in their banks because of the Trump Administration would release them.