China praises Europe’s efforts in Iran barter mechanism, Chinese daily says

Tehran, Dec 4, IRNA/Global Times - "China on Tuesday hailed several European countries for ramping up efforts to establish a barter mechanism that is designed to circumvent the US' unilateral sanctions on Iran, billing the move as conducive to break the US financial hegemony", Chinese daily Global Times reported on Wednesday.

China on Tuesday extended praise to several European countries for ramping up efforts to establish a barter mechanism that is designed to circumvent the US' unilateral sanctions on Iran, billing the move as conducive to break the US financial hegemony, Daily 'Global Times’ added on Wednesday.

It, however, said that the Chinese Foreign Ministry also expressed hope that the Instrument in Support of Trade Exchanges (INSTEX), a European initiative to facilitate non-dollar transactions with Iran, will include more countries beyond the EU.

"We welcome the decision of the six European countries and support continuous progress of the INSTEX," Hua Chunying, a spokesperson for the Foreign Ministry, told a briefing on Tuesday, referring to the six European countries that have so far jumped on board on the initiative, the Global Times reported.

Hua said that the EU's move is an effort to safeguard the Iran nuclear agreement, support multilateralism and preserve a rule-based global order. This is conducive to breaking the US' financial hegemony, Hua said.

On Monday, Belgium, Denmark, Finland, Sweden and Norway announced that they would join France, Germany and the UK in the INSTEX, boosting the status of the mechanism and dealing a blow to the US, which unilaterally withdrew from an agreement reached by major countries, including China, and reinstated sanctions on Iran.

6125**2050

Follow us on Twitter @IrnaEnglish

Your Comment

You are replying to: .
5 + 5 =