Apr 3, 2020, 10:01 AM
Journalist ID: 2382
News Code: 83736845
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Russia welcomes progress in INSTEX mechanism

Moscow, April 3, IRNA- Russian Foreign Ministry spokesman welcomed the progress made by European Troika's use of the INSTEX mechanism, saying the need for such a tool, especially in the face of challenges, including the Corona epidemic, is felt more than ever before.

Maria Zakharova noted that unilateral sanctions in these circumstances are completely illegal, cruel and immoral.

In a weekly press conference on Thursday, she referred to the first transaction carried out within the INSTEX framework and stated that obviously, progress in implementing INSTEX will help promote countries' cooperation with Iran and the development of legal economic and trade cooperation with the country in the face of sanctions imposed by the United States.

Russia welcomed it when the mechanism was created and today we are pleased with its development, the official said.

The German Foreign Ministry on Tuesday approved the first financial operation with Iran based on the European and Iranian financial mechanism, the INSTEX.

Zakharova went on to say that it took about a year for INSTEX to actually launch, and information about the mechanism was first released in June 2019.

The Russian Foreign Ministry spokesman said her country was aware of the fact that it is difficult for the European Union to work out effective mechanisms that can eliminate the impact of US illegal sanctions.

The Russian official added, however, that certain results have been achieved and efforts must be made now to complete the projects and improve the quality and speed of work.

Zakharova noted that the safeguarding of this mechanism is the rapid inclusion of the list of goods subject to US sanctions, as well as the expansion of the list of countries participating in it, with the participation of countries outside the European Union and Iran's major trading partners.

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