17 Jul 2024
Wednesday 3 April 2019 - 08:34
Story Code : 343698

INSTEX function to be discussed in London: report

MNA German national Per Fischer, the head of the Instrument in Support of Trade Exchanges (INSTEX), will travel to London to attend a meeting with the participation of British officials, businessmen, trade companies and investors, a source familiar with the matter said.

The source said that the meeting will be held in mid-April and Fischer will inform about the function of INSTEX, Trend reported.

The meeting will be held on the initiative of the UK Department for International Trade and the British-Iranian Chamber of Commerce, according to the source.

The purpose of the meeting is to answer the questions of concern to British companies for carrying out financial transactions with Iran, the source added.

INSTEX is a special-purpose vehicle (SPV) established in January 2019 by France, Germany and the UK to facilitate non-dollar trade with Iran. The SPV is headquartered in Paris, France.

Following thewithdrawal of the US from Iran nuclear deal (JCPOA) in 2018 and the reimposing of sanctions against the Islamic Republic, the sides to the pact have been trying to come up with initiatives and mechanisms to compensate for the US unilateral measure.

Tehran, however, has criticized EU for its prolonged delay in introducing the trade mechanism, calling on the bloc to make a more serious effort for its implementation.

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