Iran Considers EU’s INSTEX Just First Step: Envoy

TEHRAN (defapress) – Iran's Ambassador to Russia Mehdi Sanaei said the European Union’s financial mechanism for trade with Iran, known as the Instrument in Support of Trade Exchanges (INSTEX), is “just the first step” toward dialogue and stability.

News ID: 75496

Date: 09 February 2019 - 11:55

The EU mechanism for trade with the Islamic Republic is just the first step toward dialogue and stability, Sanaei said, adding that more needs to be done in the future, Sputnik Reported.

He further said Tehran expects more from Brussels in terms of the EU's efforts in the creation of the trade mechanism.

The envoy said that the EU's solution to the US sanctions came "extremely late", but still called it a big, "serious step".

He underscored that for its part, Tehran is continuing to adhere to the Iran nuclear deal, something that has been confirmed by the International Atomic Energy Agency's checks.

The EU suggested creating special trade tool soon after the US threatened to sanction European firms that would continue doing business with Iran after Washington's introduction of sanctions against the country. However, Iranian officials have recently been pointing out that the process of creating the mechanism has been stagnating, showing little progress.

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