The mechanism is aimed at making it possible for trade between European Union members and Iran to continue in the face of stiff U.S sanctions since Washington quit a 2015 nuclear accord between Tehran and world powers last year.Those sanctions have effectively suffocated Iran’s economy by clamping down on its oil sales.
“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 added. France’s foreign ministry said on Wednesday that Instex would become operational based on Iran’s “full compliance with its JCPOA commitments.” Two other European diplomats said that while possible transactions had been identified, it was too early to move ahead as due diligence was still under way and that as of yet the Iranian side had still to complete a mirror company that would facilitate the process.However, the Europeans have created an advanced payment system that could enable some small transactions soon.
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