Eight European countries have joined INSTEX, the mechanism of financial settlements with Iran aimed at facilitating trade with Iran bypassing US restrictions, Russia’s permanent representative to international organizations in Vienna Mikhail Ulyanov wrote on his Twitter account on Friday.
Nathalie Tocci, special adviser to the European Union foreign policy chief, said on Monday that eight more countries have decided to join a mechanism proposed by the European bloc to facilitate trade with Iran.
Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said that the Europeans should show their seriousness about implementation of the instrument in support of trade exchanges (INSTEX) by ordering Iran's crude.
As the United States continues rallying the world to uphold brutal international sanctions against the Islamic Republic in violation of the 2015 Iran nuclear deal, or JCPOA, Europe is struggling to convince Iran to remain in the agreement through INSTEX (Instrument in Support of Trade Exchanges).
The Europe-proposed instrument in support of trade exchange (INSTEX) should provide a comprehensive channel for financial transactions with the European states to wire back Iran’s crude revenues, an Iranian legislator said on Tuesday.
A new report in the Wall Street Journal has suggested that the three European parties to a landmark nuclear deal with Iran are to announce their first practical effort to save a special mechanism for trade with the country amid growing economic sanctions imposed by the United States on Tehran.
European Union foreign policy chief Federica Mogherini said a financial mechanism designed to maintain trade with Iran “is now ready to be operational” as Tehran has threatened it will suspend more JCPOA commitments.
Russia is ready to help Iran with oil exports and its banking sector if the INSTEX European payment system is not launched, Interfax news agency cited Russian Deputy Foreign Minister Sergei Ryabkov as saying on Friday.
Ambassadors of Britain, France and Germany in Tehran said in a statement that the three countries are committed to working with Iran to deliver the first transaction of the Europe’s proposed financial mechanism for trade with Iran as quickly as possible.
Director of the Instrument in Support of Trade Exchanges (INSTEX) Per Fischer announced that the European financial system is seeking to conduct its first transaction with its Iranian counterpart at the earliest time, according to Iran’s envoy to London.
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.