EghtesadOnline: President of Europe's Special Purpose Vehicle known as INSTEX, Per Fischer, is in Tehran to attend talks between Iranian authorities and representatives from France, Germany, Britain, and the European Union on how to best implement the payment channel.
EghtesadOnline: A number of countries are holding negotiations with Europe to use their newly-registered special financial mechanism to continue their non-dollar trade with Iran.
EghtesadOnline: Foreign Minister Mohammed Javad Zarif said on Sunday that the newly established mechanism for trade with Iran has fallen short and urged Europe to show more determination to salvage the 2015 nuclear deal following the US exit.
EghtesadOnline: Europe unveiled its long-awaited mechanism for facilitating trade with Iran by circumventing US global financial dominance on Thursday and the move received a mixed response in Tehran’s commercial corridors.
EghtesadOnline: 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.
EghtesadOnline: A top cleric lashed out at European states for failing to deliver on their pledge to take practical steps to uphold the 2015 nuclear deal following the US withdrawal, saying he believes Tehran will eventually be compelled to ditch the deal.
EghtesadOnline: As Iranian traders (and more broadly Europeans) wait for the launch of the long-awaited special purpose vehicle by European powers, some businesses fear that the trade mechanism may after all fail to shield Iran’s trade from the long reach of US sanctions.
EghtesadOnline: European powers should not ignore the contribution of Iran's nuclear deal to their national security while making decisions that could shape the fate of the agreement undermined by the US exit, a political analyst said.
EghtesadOnline: As the main party to blame for the possible failure of efforts to set up a special financial mechanism for trading with Iran, Europe will have to ponder over the implications of its inaction, a senior foreign affairs official said.
EghtesadOnline: Oil trade is the cornerstone of Europe’s financial mechanism to maintain business ties with Iran and the system cannot operate without covering the sale of Iranian crude, Foreign Minister Mohammed Javad Zarif said.