EghtesadOnline: The first transaction conducted under the European trade mechanism to bypass American sanctions is so small that its effect on Iranian economy is insignificant, a lawmaker 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: lBernd Erbel, 72, a German diplomat and a former head of his country’s mission in Iran (Oct. 2009-2013) has been appointed as the new president of Iran-EU trade mechanism, known officially as the Instrument in Support of Trade Exchange (INSTEX).
EghtesadOnline: CEO of the Special Trade and Finance Institute, the newly created trade mechanism to reciprocate with the European Instrument in Support of Trade Exchange (INSTEX), says now it is up to Europe to operationalize its trade mechanism.
EghtesadOnline: Turkish President Recep Tayyip Erdogan said his country is "ready" to set up its own trade mechanism with Iran, allowing companies from the two neighboring countries to continue with their "legitimate" business amid the hostile US sanctions.
EghtesadOnline: In a joint statement on Thursday, French, German and UK Foreign Ministers announced the establishment of 'INSTEX' the long-awaited mechanism created for facilitating trade with Iran.
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.