INSTEX has no regular rhythm; Iran’s official
A member of Iran Chamber of Commerce, Industries, Mines and Agriculture, Ali Shariati told ILNA on Sunday that if INSTEX doesn't operational now, it will not come up with more economic benefits.
Speaking to ILNA news agency, the Iranian official told that Iran is facing a major challenge controlling the coronavirus outbreak and, on the other hand, is suffering from U.S. sanctions which hinder its access to drugs and medical equipment, so INSTEX mechanism must be operational today.
“INSTEX has been created to provide food and medicine, but it has not yet been operationalized, although there are some new signs but it is not enough,” he confirmed.
He added that there are no full-fledged transactions yet in the framework of INSTEX and there is no regular rhythm.
France, Germany and the UK confirmed on Tuesday (31 March) that INSTEX has successfully concluded its first transaction to facilitate the export of medical goods from Europe to the pandemic-hit country.
The EU-Iran Instrument in Support of Trade Exchanges (INSTEX) was born as the brainchild of France, Germany and the UK in January 2019 as a special purpose vehicle to help EU companies do business with Iran and facilitate non-USD transactions to avoid breaking US sanctions against the country.
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