1st deal via INSTEX reportedly to be done soon

TEHRAN, Jan. 31 (MNA) – Instrument Support of Trade Exchanges (INSTEX) circles are optimistic that its first deal is expected shortly, reports say.

"We need the first deal as a prerequisite for all further planning," DW learned from INSTEX circles.

Mutual distrust made the processes very tough, the report added.

"The Iranians were skeptical about whether anything would follow after the first transaction. Therefore, Tehran had to be convinced that there is not just one test case, but that other deals are already being prepared," the source said.

And why has the preparation process dragged on for so long? "If a country like Iran has to come to an agreement with three European countries on all the issues connected with such a transaction instrument, then unfortunately too much time goes by."

Sascha Lohmann from the Science and Politics Foundation came to a different conclusion: "One could conclude that the political support from the highest level in this case was not as strong as it would have been."

Iran has not been satisfied with the established European channel so far.

On January 25 an in an interview with Der Spiegel, Iranian FM Zarif was asked about his opinion about INSTEX which was established as a special purpose vehicle to enable companies to do business with Iran despite the US sanctions.

He said "INSTEX is basically an accounting company. More than a year and a half after the US withdrawal from the JCPOA, the Europeans haven’t succeeded in carrying out a single transaction."


News Code 155125


Your Comment

You are replying to: .
  • 4 + 0 =