News ID: 251803
Published: 0229 GMT April 23, 2019

France: Iran trade channel making positive progress

France: Iran trade channel making positive progress

The INSTEX mechanism set up by France, Britain and Germany for Iran to skirt US sanctions is making positive progress, said the French Foreign Ministry on Tuesday, as it responded to the latest moves by the US government to put pressure on Iran.

“The work that has been put in place is making positive progress, with a view to an eventual conclusion. Iran must also, for its part, make progress on its equivalent counterparty,” said the French Foreign Ministry in an electronic briefing, Reuters reported.

France also reiterated its support for the 2015 nuclear deal with Iran.

US sanctions aimed at crippling Iran’s economy and oil industry have resumed, placing the deal in jeopardy, though Iran has continued to comply with the accord so far.

Iran has threatened to pull out of the deal if it does not receive enough economic benefits.

On Monday, the US demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, in a move aimed at choking off Tehran’s oil revenues.


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