Business And Markets

Iran Welcomes EU's "Belated" Move to Open Payment Channel

INSTEX aims in the long term to be open to economic operators from third countries who wish to trade with Iran and the E3 continue to explore how to achieve this objective
Iran Welcomes EU's "Belated" Move to Open Payment Channel
Iran Welcomes EU's "Belated" Move to Open Payment Channel

Officials in Tehran welcomed the creation of a channel with Iran called INSTEX by Europe, to help continue trade and circumvent unilateral US sanctions re-imposed after Washington withdrew from the international 2015 atomic deal signed with Iran in 2015.
French, German and UK foreign ministers announced the creation of 'INSTEX' on Thursday which they said was a new mechanism for "facilitating legitimate trade with Iran in order to preserve the Iran nuclear deal." 
Releasing a joint statement, the E3 foreign ministers Jean-Yves Le Drian of France, Heiko Maas of Germany and the UK’s Jeremy Hunt said the measure had been announced in accordance with their resolute commitment and continued efforts to preserve the Joint Comprehensive Plan of Action (JCPOA) endorsed by United Nations Security Council. 


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