Britain regards Fischer’s trip to Tehran vital step to implement INSTEX

TEHRAN, Mar. 12 (MNA) – The British embassy named INSTEX president Per Fischer’s trip to Tehran a significant step in making the European mechanism operational.

The embassy twitted on Tuesday that “E3 diplomats receiving the newly appointed INSTEX president Fischer, a vital step in discussing the implementation of the mechanism with Iranian counterparts.”

In their joint statement on that last day of January, French Foreign Minister Jean-Yves Le Drian, German Foreign Minister Heiko Maas, and British Foreign Secretary Jeremy Hunt introduced the SPV (a special purpose vehicle) also called INSTEX (Instrument in Support of Trade Exchanges), the financial mechanism which enables Iran to keep doing business with the rest of the world despite the draconian financial sanctions imposed by the Trump administration.

The instrument, created due to Iran’s full compliance with the Joint Comprehensive Plan of Action (JCPOA), is aimed at facilitating legitimate trade between European economic operators and Iran and making exchange of goods between Iranian companies and foreign ones by circumventing the American banking system and currency.  

Financed jointly by the E3, registered in France and run by a German banker, the INSTEX is in accordance with E3 resolute commitment and continued efforts to preserve the JCPOA endorsed by United Nations Security Council resolution 2231.

HJ/IRN 83240838  

News Code 143338

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