Iraq is lining up a special purpose vehicle (SPV) of its own, a mirror European trade mechanism, to pay its arrears to Iran and to continue vital gas and electricity imports from the country under US sanctions.
INSTEX (Instrument in Support of Trade Exchanges), does not guarantee sales of Iranian oil and is limited to trade of unsanctioned goods such as food and medicine.
An Iranian lawmaker described the EU-proposed INSTEX as a ‘useless’ mechanism which cannot solve Iran’s economic problems.
Head of Iran’s Foreign Policy Strategic Council Kamal Kharrazi said that Tehran is ‘serious’ about reducing its commitments to the nuclear deal if European countries fail to adopt necessary ‘practical’ measures by the 60-day deadline.
Governor of the Central Bank of Iran criticized European countries for repeating ‘threadbare’ remarks over their promised trade mechanism for Iran (INSTEX) and their failure to make it operational.
Tehran will be hosting on Tue. a fresh round of expert talks between Iranian experts and representatives from France, Germany, UK and EU about the implementation of the EU’s trade mechanism for Iran called INSTEX.
Leader of the Islamic Revolution said that the Iranian government should not rely on European countries' proposed packages for solving internal economic problems.
After months of delay and despite the 2015 commitments of European leaders towards the Iran nuclear deal, the so-called E-3 (Germany, France and the UK) registered the Instrument in Support of Trade Exchanges (INSTEX). However, this special purpose vehicle (SPV) has no engine or driver and doesn’t conform with the trade and investment promises made […]
Expressing regret over the unilateral withdrawal of US administration from nuclear deal, European Union’s ambassador to the United States David O’Sullivan said trade and commerce with Iran is part and parcel of INSTEX. David O’Sullivan, the European Union’s ambassador to the United States, wraps up his time in Washington at the end of February. The […]
Danish multinational pharmaceutical company ‘Novo Nordisk’ has voiced readiness to resume its cooperation with Iran following the creation of EU’s trade mechanism to facilitate trade with Tehran in the face of US sanctions. The Iranian Ambassador to London, Hamid Baeidinejad, made the remark in a tweet on Tuesday, while referring to a report published by a […]