Tehran, Iran, Juдш 1
Trend:
It is necessary that INSTEX be a channel based on Nuclear Deal, the head of Central Bank of Iran wrote in a memo on his Instagram.
“Due to constant performance, INSTEX must not be under the US sanctions, but it has to be based on the JCPOA,” CBI Governor Abdul Nasser Hemmati noted, Trend reports citing Hemmati's official Instagram account.
"While the infrastructure of the INSTEX mirror Company in Iran has been completed by the Central Bank, the news reports indicated that Europe's efforts to launch the INSTEX will speed up the process,” he added.
“It is necessary to explain a few points,” he wrote. “To be stable, INSTEX has to be based on Iran deal, and all the transactions which are allowed in JCPOA should be possible within INSTEX, too. It may initially include non-sanctioned goods, but its scope should extend to all commodities.”
“The credits will be obtained by oil exports to Europe. If Europe temporarily stops buying Iranian oil, creating a long-term credit line can be considered as an interim solution,” said Hemmati.
“Creating several transaction methods for the other JCPOA's parties such as INSTEX or similar independent mechanism are on the agenda,” he announced.
On January 31, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.
