Iran says it still doesn't know how INSTEX will operate
By Trend
Iran's Deputy Foreign Minister Abbas Araqchi said that Iran still doesn't know how the INSTEX works, and asked Europe to pay more attention to this issue and take it seriously, Trend reports citing Fars News Agency.
INSTEX (Instrument in Support of Trade Exchanges) is a mechanism, created to facilitate non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.
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.
Araqchi recently was in Vienna to attend the JCPOA Joint Commission meeting.
Co-chaired by Araghchi and Secretary General of the European External Action Service (EEAS) Helga Schmid, the Joint Comprehensive Plan of Action (JCPOA) joint commission meeting was held in Vienna, Austria, on Wednesday, with deputy foreign ministers of Germany, UK, France, Russia, and China in attendance.
Araqchi said that initiatives have been taken.
"Of course it is at the beginning of INSTEX, and we still do not know how it can solve problems. We need to have detailed discussions," he noted.
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