News ID: 238280
Published: 0442 GMT February 01, 2019

Minister: INSTEX makes European firms immune to US pressures

Minister: INSTEX makes European firms immune to US pressures

The Instrument in Support of Trade Exchanges (INSTEX) — Europeans' special financial mechanism — with Iran will make European firms immune to US pressures, said Iran's roads and urban development minister on Friday.

Mohammad Eslami told IRNA that by designing the INSTEX, Europeans are after making some of their firms immune to US sanctions.

The mechanism is aimed at preventing damages to those European companies which had relations with Iran or are to maintain ties with the country, he added.

Following US withdrawal from the Iran nuclear deal — also known as the Joint Comprehensive Plan of Action (JCPOA) — on May 8, the EU took stance against the move by undertaking projects to help preserve the international pact.

The JCPOA was signed by Iran and P5+1 in July 2015. The US pullout from the deal was followed by the reimposition of Washington's unilateral sanctions against Tehran in two phases — both already in place.

By implementing the Blocking Statute, the EU companies' compliance with the US foreign sanctions was annulled.

In a news meeting in the Romanian capital of Bucharest late Thursday, German, British and French foreign ministers officially announced the commissioning of the INSTEX.

Elsewhere in his remarks, the Iranian minister urged Iranian businessmen and traders to minimize their dependence on foreign currencies, saying the country's economic balance and domestic production are not comparable with those in the year to March 2018.






Resource: IRNA
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