EghtesadOnline: A decision by six more European countries to join the EU financial mechanism set up to facilitate trade with Iran is aimed at creating optimism and will unlikely be effective, a former diplomat says.
EghtesadOnline: Six European countries, namely Belgium, Denmark, Finland, the Netherlands, Norway and Sweden announced in a joint statement on Friday their intent to join the Instrument in Support of Trade Exchanges (INSTEX), designed to facilitate trade with Iran.
EghtesadOnline: Eight more countries have decided to join the financial mechanism for trade with Iran, in addition to states that have been part of the mechanism, said Nathalie Tocci, an aide to EU High Representative Federica Mogherini.
EghtesadOnline: The new head of INSTEX, Michael Bock, who was in Tehran this week, says some small European banks are willing to join the barter trade mechanism.
EghtesadOnline: The newly appointed German head of Iran-EU trade mechanism, known as Instrument in Support of Trade Exchange (INSTEX), was in Tehran to discuss issues of mutual interest.
EghtesadOnline: The European mechanism to facilitate trade with Iran will not work until Tehran sets up a mirror company and meets international standards against money-laundering and terrorism financing, a French diplomatic source said.
EghtesadOnline: Another German diplomat was appointed president of the trade mechanism designed to settle trade between Iran and Europe, officially known as Instrument in Support of Trade Exchange (INSTEX).
EghtesadOnline: Europe is not able to push back against the United States because the American and European economies are closely intertwined, says a political analyst, who argues that Iran should expand ties with Russia, China and regional countries in light of the expected failure of INSTEX.
EghtesadOnline: The dragged-out negotiations between Tehran and the remaining signatories to the nuclear deal are unlikely to make progress on issues such as INSTEX, particularly because Europe wants further concessions from Iran in return for helping its economy, a former diplomat commented.
EghtesadOnline: European efforts to launch a payments channel to facilitate trade with Iran suffered a fresh setback on Thursday when the German former diplomat who was set to take over as the new chief of INSTEX was forced to pull out at the last moment.