Oct 1, 2018, 4:16 PM
News Code: 83050798
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Europe financial mechanism also suitable for others

Moscow, Oct 1, IRNA – Iran Deputy Foreign Minister for Political Affairs Seyyed Abbas Araqchi said the EU financial mechanism can also be used by other countries.

Araqchi made the remarks in an interview with Russian media ' RIA Novosti' on Monday.

The details of the plan are not clear yet since it is a very difficult issue, he said, adding that technical and legal issues should be solved at the moment, he said.

Despite the fact that we know some elements are trying to prevent start of this mechanism but we hope the Iran-Europe financial mechanism will be implemented before the US new sanctions against Iran take effect in November.

The US' sanctions will have serious impact on the oil price in international markets, he said.

Commenting on Trump's recent allegations to confront Iran oil exports, he said, 'I am not an expert in this case.'

But it is evident that sanctions will increase oil price, Araqchi added.

In response to a question whether Iran will realize threats as regards closing the Strait of Hormuz, he said it is not a threat but it is reality.

It is evident that all Persian Gulf Littoral States tend to sell their oil and the world needs oil and energy, he reiterated.

'We should try our best to satisfy all regional countries of implementing agreements.'

It is obvious that if they want to set aside one of the countries from the oil sale mechanism, there will be problem in the whole region, Araqchi said.

Iran together with its partners is trying to create bilateral mechanism of oil sales.

The possibility of setting up a system like SWIFT will also be reviewed for circumventing the US sanctions, he added.

The EU officials are discussing the fact that whether SWIFT can continue cooperation with Iran.

Araqchi said earlier that EU’s special purpose vehicle (SPV) intended for easing banking and trade transactions with Iran will take effect on November 4.

After Washington's May 8 exit from the historic Iran Deal, the US gave 90 to 180 wind-down period to other countries before it starts re-imposing oil sanctions on Tehran on November 4.

Part of the US' illegitimate sanctions were imposed on Iran on August 9.

The US President Donald Trump also said he would reinstate the US nuclear sanctions on Iran and impose “the highest level” of economic bans on the Islamic Republic.


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