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INSTEX, Iran meet on financial mechanism

IRNA - Islamic Republic News Agency

Tehran, March 12, IRNA -- Meeting of Iranian experts with senior managers of Instrument in Support of Trade Exchanges (INSTEX) to operate a mechanism to support trade between Iran and Europe and how it cooperates with the relevant Iranian institutions is underway.

Representatives of related government agencies, including Central Bank, Ministry of Industry, Mining and Trade, Ministry of Petroleum, Ministry of Economy and Finance, Ministry of Agriculture Jihad, Ministry of Health and Medical Education, Ministry of Roads and Urban Planning, Ministry of Energy, Ports and Maritime Organization, Iran Shipping Company and Iran Air except Foreign Ministry's departments are participating in the meeting.

There are also specialized sub-meetings between some departments (especially in the banking sector) with delegations from other parties which have been held or underway.

In these meetings, the Iranian side's expectations of INSTEX are clearly outlined in detail in the fields of expertise, and the parties discuss technical and expert discussions on possible solutions to the problems caused by US sanctions in this area.

This round of meeting focused on the specific topic of how to operate the Special Purpose Vehicle (SPV), called INSTEX, and how it works with the relevant Iranian institution that is being established.

Examining and pursuing amount of the progress of the work and subsequent steps in the scope of other commitments the 1+4 group has made to compensate the effects of the US illegal sanctions against Iran and was reviewed last week at the joint session of the JCPOA's Joint Commission in Vienna are on the agenda of the meeting.

On January 31, the UK, Germany and France (the European Union signatories of the nuclear deal) launched a special purpose vehicle (SPV) dubbed the Instrument in Support of Trade Exchanges (INSTEX) in order to facilitate legal trade with Iran.

France agreed to take the SPV under its jurisdiction, while Iran is expected to establish a similar entity. The vehicle should support technical opportunities of making transactions with Tehran and does not relieve those using it from the US sanctions.

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