Azernews.Az

By Trend

A spokesman for the National Security and Foreign Policy Committee of Iran’s Parliament said the foreign minister at a meeting of the Committee called INSTEX the EU’s positive and initial step to safeguard Iran's interests, and denied the links between INSTEX and FATF.

On Jan. 31, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.

In their statement announcing the move, the European powers said the mechanism will function under international standards of anti-money laundering, combating the financing of terrorism, so they expect Iran to “swiftly implement all elements of its FATF action plan.”