Apr 1, 2020, 5:49 PM
Journalist ID: 2374
News Code: 83735552
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Russian official: INSTEX should move to transactions with sanctionable goods

Tehran, April 1, IRNA - A senior Russian diplomat in a message on Wednesday expressed happiness over first transaction of Instrument in Support of Trade Exchanges (INSTEX), saying it should move to transactions with sanctionable goods.

"E-3 confirmed that #INSTEX had successfully concluded its first transaction (export of medical goods from Europe to Iran)," Russia's Permanent Representative to the International Organizations in Vienna and the International Atomic Energy Agency Mikhail Ulyanov wrote on his Twitter account.

"Congratulations! In view of #COVID-19 it would be great to move swiftly to transactions with sanctionable goods and enlargement of INSTEX beyond #EU borders," it added.

Earlier on Tuesday, the Federal Foreign Office of Germany in a tweet confirmed the first transaction with Iran through INSTEX.

The Federal Foreign Office of Germany wrote on its Twitter page, “France, Germany and the United Kingdom confirm that INSTEX has successfully concluded its first transaction, facilitating the export of medical goods from Europe to Iran.”

The message added, “INSTEX and its Iranian counterpart STFI will work on more transactions and enhancing the mechanism.”

INSTEX is a special-purpose vehicle (SPV) launched in January 2019 by France, Germany, and the UK, with the goal to facilitate non-USD transactions with Iran. INSTEX head office is based in Paris.

However, European companies have not used this mechanism for fear of the US sanctions on them.

The three European countries have already contributed €5 million to Iran in order to fight with the spread of coronavirus. The help was made through the United Nations and the World Health Organization.

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