Iran Press/Iran news: Referring to the fact that the European Union’s financial settlement mechanism INSTEX (Instrument in Support of Trade Exchanges (INSTEX) has been conducting limited operations with Iran for several months.
Gholam Reza Ansari added that the Central bank of Iran is anxious to see the INSTEX have been activated so that this SPV could pave the ground for Iran's future European purchases.
Iran's Senior diplomat further elaborated on the quality of European contribution regarding INSTEX, saying although the European side is cooperating, the goods are limited in terms of number and type.
Ansari went on to highlight that despite all this, INSTEX as the special-purpose vehicle should prepare the ground for good exchange in all sectors.
In May 2018 US President Donald Trump announced that his country was withdrawing from the JCPOA and re-imposing sanctions on Iran.
A year later, Iran announced that it would gradually downgrade its nuclear commitments unless the EU, France, the UK, and Germany (E3 countries) take measures to save the deal.
With the US scrapping JCPOA, the E3 countries promised to compensate for the unilateral exit of the US through the Instrument in Support of Trade Exchanges (INSTEX).
INSTEX was set up to try to enable legitimate trade with Iran to continue without falling foul of US sanctions.
On March 31, the German Foreign Ministry informed that France, Germany and the United Kingdom had their first deal with Iran to supply medical supplies using INSTEX, which was created in January 2019 to ensure banking operations under US sanctions against Iran.
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