INSTEX seeks to conduct 1st transaction with Iran at earliest time: chairman

The Iranian Ambassador to London Hamid Baeidinejad has tweeted in Farsi that “the chief of INSTEX (trade mechanism of the three European countries for trade with Iran) today announced at a meeting with England’s manufactures and heads of British businesses in London that despite the existing challenges INSTEX is seriously seeking to conduct the first trade transactions with its Iranian counterpart as soon as possible.”

Despite the fact that Iran has established the corresponding company to INSTEX in Tehran dubbed ‘Special Trade and Finance Institute (STFI)’ in a bid to urge the European countries to accelerate the launch of the mechanism, the EU countries have so far failed to launch the critical financial channel for Iran under US sanctions. Iran has warned that in case the EU countries do not fulfill their promises to keep the nuclear deal alive, it will take appropriate decision and resume its uranium enrichment to 20% level.

KI