"Our colleagues in Brussels sometimes ask why Russia and China do not create their own Instrument in Support of Trade Exchanges (INSTEX). To that we answer with the question: why do we need it? We have already traded and will trade without paying any attention to US sanctions," Chizhov said.
The day before, the Finnish government said that it was considering joining a trading system that core EU members set up to bypass US sanctions on Iran.
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.
ZZ/SPUTNIK
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