Iranian Deputy Foreign Minister for Political Affairs Abbas Araghchi said on Saturday that he hopes the Instrument in Support of Trade Exchanges (INSTEX) would become operational as six more European countries join the financial mechanism.
His comments came as Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden issued a joint statement on Friday announcing becoming shareholders of INSTEX, making it more operational.
INSTEX has been designed by the European Union to facilitate legitimate trade with Tehran. It was introduced on January 31 by France, Germany, and Britain, the three countries party to the 2015 nuclear deal. It was introduced long after the U.S. imposed sanctions on Iran and threatened to punish any country or company that does business with Iran.
It is supposed to be a financial channel and a special mechanism for transferring money in spite of U.S. sanctions on Iran. Its objective is to facilitate Iran’s transactions with European companies.
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