INSTEX to Facilitate Trade between Tehran, Moscow, Russian Deputy FM Says
TEHRAN (Tasnim) – The creation of a new trading system called the Instrument in Support of Trade Exchanges (INSTEX) between the EU and Tehran will also open up "opportunities for trade between Iran and third countries, including China and Russia," Russian Deputy Foreign Minister Sergei Ryabkov said.
The upcoming launch of INSTEX is going to open up more opportunities for Russia as well, Ryabkov told TASS on Wednesday.
Eventually, "the full-fledged functioning" of the mechanism will also "open up opportunities for trade between Iran and third countries, including China and Russia," he noted.
In this respect, the countries that founded INSTEX, should "stick to their word," the senior Russian official emphasized.
After months of foot-dragging, Britain, France and Germany in early February issued a joint statement on the creation of INSTEX that will allow trade between the EU and Iran without relying on direct financial transactions.
INSTEX will be based in Paris and be managed by a German banking expert. Britain will head the supervisory board.
The European countries are reportedly going to use the channel initially only to sell food, medicine and medical devices in Iran.
In May 2018, the US president pulled his country out of the JCPOA, the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
Following the US exit, Iran and the remaining parties launched talks to save the accord.