Iranian Lawmakers Adopt Wait-and-See Approach Toward INSTEX

The European Union's newly-created special purpose vehicle aimed at facilitating legitimate trade with Iran needs time to prove effective in rescuing Iran's troubled economy under harsh American sanctions, Iranian parliamentarians said. 
France, Germany and the United Kingdom (E3) announced in a joint statement on Thursday the creation of their much-awaited financial mechanism for trade with Iran called INSTEX (Instrument in Support of Trade Exchanges) in accordance with the commitment to salvage the 2015 nuclear deal (formally titled the Joint Comprehensive Plan of Action). 
The instrument is aimed at enabling trade between Iran and European economic operators in spite of the sanctions reimposed by the United States after it withdrew from the nuclear agreement last year. 
Majlis Speaker Ali Larijani told reporters on Saturday that the system's efficacy could only be assessed in practice.