Feb 1, 2019, 3:08 PM
News Code: 83192438
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Austria supports SMEs presence in Iran

London, Feb 1, IRNA – Austrian foreign minister expressed support for presence of the European small and medium-sized enterprises (SMEs) in Iran.

Karin Kneissl declared her county's support for establishment of the Instrument in Support of Trade Exchanges (INSTEX) between Iran and Europe, noting that this financial mechanism can facilitate SMEs' cooperation with Iran.

She told reporters prior to start of the EU ministerial meeting in the Romanian capital, Bucharest.

The EU should facilitate SMEs' activities in Iran and meet their need for access to financial banking resources, she added.

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

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

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

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