Feb 1, 2019, 4:15 PM
News Code: 83192525
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Azeri economist: INSTEX  will weaken US anti-Iran sanctions

Baku, Feb 1, IRNA – An Azeri economist Natiq Jafarli says Europe's setting up the Instrument in Support of Trade Exchanges (INSTEX) with Iran will weaken the US' anti-Iran sanctions.

Jafarli told the Islamic Republic News Agency (IRNA) that INSTEX serves as an important achievement for both Iran and Europe, indicating Europe's adherence to its commitments in the Joint Comprehensive Plan of Action (JCPOA).

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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