Iran Press/ Europe: The Russian Permanent Representative to the European Union Vladimir Chizov in interview with Interfax news agency noted to failure of 'INTEX' so far, and said: We are holding talks, it isn't hidden that INSTEX has serious difficulties, but European are not giving up plans to set this instrument in motion.
Chizov said that Russia is holding talks with European countries on being included in the INSTEX trade mechanism with Iran, Sputnik reported.
Russian EU envoy Vladimir Chizov
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The Instrument for Trade and Exchanges was set up by the United Kingdom, France and Germany in January to enable trade with Iran, as US sanctions have generally stopped European companies from doing business with the Iran.
When last year the United States withdrew from the 2015 nuclear agreement, Europe try to create a tools that solve Washington sanctions regime which ban European company to trade with Iran. After months of delays, Europe finally announced the establishment of INSTEX as a vehicle to enable some trade with Iran without technically violating US sanctions.
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Washington has opposed the trade mechanism and has warned European companies not to do business with Iran. So far, INSTEX has not resulted in any trade deals.
Russia’s motivation to be involved in INSTEX might not be just related to its close relations with Iran. If Europe starts helping circumvention of US sanctions, it could have future benefits for Russian entities which are also under some sanctions.
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