Finland considers joining EU-Iran trade mechanism

TEHRAN, Jul. 09 (MNA) – Finland is considering joining the Instrument in Support of Trade Exchanges (INSTEX), a long-awaited trading system that core EU members say will help bypass US unilateral sanctions on Iran, its government said Monday.

"Finland has expressed its support for INSTEX, a special tax channel established by France, Germany and the UK, and is assessing conditions for joining it," the statement read, Sputnik reported.

EU senior foreign policy official Helga Schmid said in June that the system was already being used to sell humanitarian goods to Iran, which had been pushing for it to keep oil trade flowing.

However, Iran's ambassador to the United Nations Majid Takht-Ravanchi said the same month that the mechanism was as ineffective as a "beautiful car without fuel".

The United States last year reimposed sanctions on Iran’s financial and energy sectors, which were waived under the 2015 nuclear deal.

European signatories of the deal claim they are still trying to keep the accord alive by launching the long-awaited INSTEX to help Iran reap some benefits from the Joint Comprehensive Plan of Action (JCPOA).

Iran says the Europeans have not done enough to save the nuclear deal, and the US violation of the JCPOA has barred Tehran from benefiting from the economic dividends of the pact.

In response to EU’s inaction, Iran has introduced two phases of its measures to reduce its JCPOA commitments. Tehran's moves come after its "strategic patience" wore thin after a year of waiting for the European nations to normalize trade ties with Iran.


News Code 147390


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