Feb 1, 2019, 10:07 AM
News Code: 83192109
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British businessman welcomes INSTEX set up

London, Feb 1, IRNA – Chairman of the UK-Iran Chamber of Commerce Lord Norman Lamont has welcomed establishment of the Instrument in Support of Trade Exchanges (INSTEX) between Iran and Europe.

Establishment of this mechanism was prolonged because of the US' serious opposition, Lamont said in an exclusive interview with Islamic Republic News Agency (IRNA).

The mechanism will be used for drug and food at the first stage and hopefully, it will be also used for paying the Iranian oil money in the future, the official noted.

Following US withdrawal from Iran nuclear deal, EU took stance against the move by undertaking projects to help preserve the international pact.

By implementing the Blocking Statute, EU companies’ compliance with US foreign sanctions was annulled.

Late on Thursday, German, British and French foreign ministers in a news meeting in Bucharest officially announced the commissioning of the European special financial mechanism known as INSTEX.


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