Iran Press/Europe: EU foreign policy chief Federica Mogherini said the Instrument for Supporting Trade Exchanges (INSTEX) has become operational, saying in addition to UK, Germany and France, another seven European countries will join the mechanism.
"On Friday we gave an important announcement on the defense of the nuclear deal with Iran: the instrument to support legitimate trade exchanges with Iran (called INSTEX) has become operational and is processing the first transactions," she said in an announcement published on her website.
Together with the three countries that set it up – France, Germany and the UK – another seven European countries will join the mechanism. On Friday we also gathered the Joint Commission that works to guarantee the deal’s implementation,” statement said.
On Friday, the remaining signatories of the nuclear agreement met in the Austrian capital as a last-ditch effort to save the accord after the U.S. withdrew last year.
France, Germany and the U.K. informed participants that INSTEX, which had been established in January to facilitate financial transactions between EU countries and Iran, is now operational and available to all EU member states.
Some EU member states are reportedly in the process of joining INSTEX as shareholders, and are working to open INSTEX to economic operators from third countries.
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