Making the remarks on the sidelines of the cabinet meeting on Wednesday, Abdolnaser Hemmati announced that while Iran’s coordinating financial mechanism to INSTEX, Special Trade and Finance Instrument between Iran and Europe (STFI), is ready to start operation Europeans have to purchase Iranian oil or establish a financial line with Iran.
On May 11, the CEO of STFI, called SATMA in Persian, announced that Iran has established the coordinating company to INSTEX and now the ball is in Europe’s court to make it operational.
Rejecting the idea that implementation of the financial mechanism to skirt US sanctions, known as INSTEX, has been postponed due to some issues related to the Iranian side, Ali Asghar Noori stressed that according to the agreements, Iran is not in charge of taking measures to implement INSTEX and whatever has been done sought to facilitate the procedure for the European side and has been an aid to them.
STFI was established to ease INSTEX implementation and if the financial instrument is decided to become operational, there is be no problem having it run in Iran.
Iran has already approved related regulations to combat money laundering to be implemented in Iran’s banking system.
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