Bock's visit Iran means Europe's serious move to launch INSTEX; German Official

Speaking to ILNA news agency correspondent, she said “In this meeting we talked about the needs and problems of the member German-Iranian chamber of commerce.”

Michael Erhard Bock who is visiting Tehran to discuss the implementation of the instrument with senior Iranian officials, met with the Head of German-Iranian Chamber of Commerce at his first meeting.

INSTEX is a special-purpose vehicle established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran in a bid to bypass the U.S. sanctions. So far, INSTEX has not become operational despite intense efforts on all sides.

Dagmar von Bohnstein added that it was very important for Mr. Bock to hear the voice of the private sector in Iran.

“Bock was optimistic about the future and his presence in the Iran-Germany room was positive.” She added that however the governments of Germany, Britain and France intend to set up a business overnight.

“A number of European banks and firms have expressed readiness to engage in INSTEX”, the new INSTEX president said. "We have seen some requests from European companies such as one French firm that wishes to sell cattle to Iran,” Michael Erhard Bock said.

INSTEX is a special-purpose vehicle established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran in a bid to bypass US sanctions.

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