Mojtaba Zonnour, the chairman of the national security committee in Iran’s parliament (Majlis), announced that the three European parties to the nuclear deal will inject $15 billion into the INSTEX financial channel to buy oil from Iran despite US sanctions against the Islamic Republic.

On Sunday, September 15, Zolnour said: “The Europeans have agreed to inject $15 billion in three payments of $5 billion into INSTEX.”

The European countries have not responded to these comments.

After the US exit from the nuclear deal known as the Joint Comprehensive Plan of Action, the European countries suggested a financial channel for trade with Iran.

President Macron recently suggested a $15 billion credit line for Iran contingent on United States’ approval.

Zonnour continued: The European countries’ trade with Iran is at best worth about $20 billion, but their trade with the United States is several times higher. Therefore, it's more beneficial to them to trade with Americans.

It is not clear yet whether European banks will transfer this amount to INSTEX or not. The only possible option is to transfer the fund from the Central Bank of Europe since it would be difficult for the United States to sanction it.

Through INSTEX, Iran can receive non-sanctioned goods like medicine and food. But the Iranian officials have repeatedly said in their negotiations with Europeans that they want to sell oil through INSTEX.

“The Islamic Republic tolerated it for one year and negotiated with the European, and after one year our scaled-down compliance forced the Europeans to think with their heads again,” Zonnour said.

The three European countries had previously stated that in order for INSTEX to become operational, Iran must join the international anti-money laundering and anti-terror financing conventions known as the FATF.

The fate of the FATF bills in Iran are still unknown.