Jul 09, 2019 07:28 Asia/Tehran [Updated: Oct 04, 2019 12:00 Asia/Tehran]
  • Finland mulling over joining INSTEX
    Finland mulling over joining INSTEX

Finland is considering joining the Instrument in Support of Trade Exchanges (INSTEX), a trading system that core EU members set up to bypass US sanctions on Iran, its government said Monday.

Iran Press/Europe: "Finland has expressed its support for INSTEX, a special transactions channel established by France, Germany and the UK, and is assessing conditions for joining it," the statement read, according to Sputnik.

EU senior foreign policy official Helga Schmid said in June that the system was already being used to sell humanitarian goods to Iran, which had been pushing for it to keep oil trade flowing, reported Iran Press.

However, Iran's ambassador to the United Nations Majid Takht Ravanchi said the same month that the mechanism was like a 'beautiful car without fuel'. The United States last year reimposed sanctions on Iran’s financial and energy sectors, which were waived under the 2015 nuclear deal. EU nations proposed the trade channel in an attempt to stop Iran from pulling out too.

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Iran's Takht Ravanchi: INSTEX without capital is like a beautiful car without fuel

However, the channel hasn't finalized any transaction so far. Iran has introduced two phases of its measures to scale back its nuclear commitments in response to the EU's inaction towards the US unilateral sanctions. Tehran's moves come after its 'strategic patience' wore thin after a year of waiting for the European nations to normalize trade ties with Iran.

Iran Does not pin hope on INSTEX

Earlier on July 7, The Iranian Deputy Foreign Minister and chief nuclear negotiator Seyyed Abbas Araghchi said Iran that Iran would not count on any specific country, let alone the Europeans or INSTEX.


Responding to Iran press correspondent's question about INSTEX (Instrument in Support of Trade Exchanges) and the possibility of not benefiting from it by selling oil, Seyyed Abbas Araghchi said: "Islamic Republic does not count on any specific country, let alone Europeans and INSTEX."

 "We will definitely not let the US achieves its goals by using its maximum pressures strategy. We will dash the hopes of the US [administration], we will disappoint them", he responded to an Iran Press correspondent's question at a news conference in Tehran.

Araghchi pointedly added: "Like before when we made the US desperate and forced it to come to the negotiating table, this time we shall do the same. We will weather US sanctions by relying on the Iranian people, forces and our economy."

 Iranian Deputy Foreign Minister noted: "Under sanctions, we use any opportunity which is to our benefit. We shall not put all our hopes on INSTEX, if it becomes operational, and if it helps us a little bit, we shall use it." 

Abbas Araghchi added: "During the US economic war against Iran, we use any channel that can help us. The main channels that Iran's foreign ministry has opened is through Russia, China, Turkey, India, and our neighbouring countries. We are in communication with our trading partners and we have recommended to them to use regional currencies. There are many initiatives, one of them is related to the EU and the other one is related to INSTEX."


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Iran does not count on INSTEX: Araghchi 

Zarif: INSTEX, necessary for implementation of Europe's unfulfilled commitments

7 more European countries to join INSTEX: Mogherini