Iran, EU Testing Payment Mechanism

The Special Trade and Finance Institute, the Iranian special trade mechanism set up to reciprocate the European Instrument in Support of Trade Exchange (INSTEX), is testing the payment channels for the import and export of goods, according to the CEO of the institute.  
In a talk with the news website of Iran Chamber of Commerce, Industries, Mines and Agriculture, Ali Asghar Nouri said a pilot import undertaking has been coordinated with INSTEX, but its payment settlement is contingent on either selling Iran’s crude oil or opening a credit line that should be repaid using Iran’s oil revenues. 
As for the pilot export undertaking, the CEO said they have approached export companies with direct trade relations with Europeans to participate in the mechanism.