Moscow (IP)- Russian Foreign Ministry spokesman welcomed the progress made by European Troika's use of the INSTEX mechanism, saying the need for such a tool, especially in the face of challenges, including the Corona epidemic, is felt more than ever before.

Iran PressEurope: Maria Zakharova on Thursday at a weekly press conference referred to the first transaction in the INSTEX (The Instrument in Support of Trade Exchanges) framework and stated that obviously, progress INSTEX's work will contribute to cooperation with Iran and the development of legal economic and trade cooperation with the country in the face of sanctions imposed by the United States.

We welcomed it when the mechanism was created and today we are pleased with its development, the official said.

Zakharova went on to say that it took actually a year for INSTEX to actually launch, and information about the mechanism was first released in June 2019.

The Russian Foreign Ministry spokesman said that we understand the fact that it is difficult for the European Union to work out effective mechanisms that can eliminate the impact of US illegal sanctions.

The Russian official added, however, that certain results have been achieved and efforts must be made now to complete the projects and improve the quality and speed of work.

Zakharova noted that the safeguarding of this mechanism is the rapid inclusion of the list of goods subject to US sanctions, as well as the expansion of the list of countries participating in it, with the participation of countries outside the European Union and Iran's major trading partners.

The German Foreign Ministry on Tuesday approved the first financial operation with Iran based on the European and Iranian financial mechanisms, the INSTEX.

France government also confirmed the transaction and announced readiness to expand the exchange and discuss the Joint Comprehensive Plan of Action (JCPOA) commitments.

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