Iran Press/Europe: The upcoming launch of INSTEX, the European mechanism of foreign trade settlements aimed at facilitating trade with Iran bypassing American restrictions, is going to open up more opportunities for Russia as well, Deputy Foreign Minister Sergey Ryabkov told TASS.
Eventually, 'the full-fledged functioning' of the mechanism will also 'open up opportunities for trade between Iran and third countries, including China and Russia,' he added. In this respect, the countries that founded INSTEX, 'stick to their word,' Ryabkov emphasized.
France, Germany and the UK are the initial shareholders of the INSTEX mechanism for trade with Iran, which has been registered in the French capital, Paris, with a capital of 3,000 euros, according to AFP and German media.
Shortly after the announcement, the EU's foreign policy chief, Federica Mogherini, who has been leading the bloc's efforts to keep the Iran deal alive, issued a statement in support of INSTEX, said: "The instrument will provide economic operators with the necessary framework to pursue legitimate trade with Iran."
On May 8, the US president pulled his country out of the JCPOA, which was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany). 105/ 203
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