Iran's top leader says Europe's INSTEX mechanism "bitter joke": state TV

TEHRAN, March 21 (Xinhua) -- Iran's supreme leader Ayatollah Ali Khamenei said here Thursday that Europe's new institution of Instrument in Support Of Trade Exchanges (INSTEX) to secure Iran's interest is a "bitter joke," reported by the state TV.

Khamenei said that "Europeans did not implement their obligations" following the U.S. exit from the Iranian nuclear deal in May last year.

He made the remarks, broadcast live from the IRIB TV, in Iran's northeastern city of Mashhad on the first day of Iranian new year.

Although the Europeans remained in the nuclear deal after the U.S. exit, "in practice, they have also dropped the deal" and they are imposing sanctions against Iran too, Khamenei said.

On Jan. 31, the European Union announced the setting up of the INSTEX to secure trade with Iran and skirt U.S. anti-Iran sanctions after Washington pulled out of the 2015 landmark nuclear deal.