French Finance and Economy Minister Bruno Le Maire says he hopes that a special financial mechanism set up by European powers with Iran, known as Instex, will complete the first transaction in the coming days.
Europe trade channel with Iran about to operate in coming days: French minister
5 Jul 2019 - 13:01
French Finance and Economy Minister Bruno Le Maire says he hopes that a special financial mechanism set up by European powers with Iran, known as Instex, will complete the first transaction in the coming days.
“We want Instex to enter into force in a few days and I hope that we will be able to operate in a few days. I hope the first transaction will be completed in a few days,” Le Maire said at a press conference in Poland on Thursday.
Initiated by France, Britain and Germany mainly to circumvent unilateral US sanctions on the Islamic Republic, the channel could be funded by future sales of Iran’s oil so that trade between Tehran and Europe can continue.
Under Instex, which is exclusive to European businesses, exports to Iran should be compensated by imports from the country. A mirror company in Iran would carry out the same transactions for Iranian companies exporting to and importing from Europe.
“The first transaction will be a limited one but this is a starting point and we expect Instex to be an efficient tool,” Le Maire said.
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