Professor Lawrence Brennan, a retired Navy captain and maritime law expert, was quoted in a CNS News article on E.U. efforts to save the 2015 nuclear deal with Iran.
“The fact that the U.S. is around 25 percent of the global economy essentially means that INSTEX or any ‘special purpose vehicle’ is merely lip service.”
Lawrence Brennan, adjunct Professor of Law at Fordham University School of Law, also suggested INSTEX may not work in easing tensions.
“Iran stated that the European nations must do more to guarantee trade and investment dividends it was due to receive in return for U.N.-monitored limits to its nuclear capacity under the deal,” he said.
“Iran contents that its oil sales must be included or the Europeans must provide substantial credit facilities,” Brennan added. However, he added, the E.U. has yet to agree on those elements being included in the INSTEX mechanism.