NEWS
ECONOMY   Nuclear  

Iranian FM to Brief MPs on INSTEX

Iranian Foreign Minister Mohammad Javad Zarif is slated to attend a meeting of the parliament’s National Security and Foreign Policy Commission on Monday to brief its members of the European Union’s special financial mechanism for trade with Iran known as INSTEX.

Speaking to the Tasnim News Agency, Spokesman for the National Security and Foreign Policy Commission Ali Najafi said according to schedule, Zarif plans to attend today’s evening meeting of the commission.

Zarif will submit a report on the Instrument in Support of Trade Exchanges (INSTEX) as well as the Special Purpose Vehicle (SPV), he added.  

In the meeting, the conditions imposed by European authorities on the implementation of these financial mechanisms, as well as the implementation process will be examined and the members of the commission will also raise their questions and ambiguities, Najafi stated.

Britain, France and Germany on Thursday issued a joint statement on the creation of the INSTEX that will allow trade between the EU and Iran without relying on direct financial transactions.

“INSTEX will support legitimate European trade with Iran, focusing initially on the sectors most essential to the Iranian population -- such as pharmaceutical, medical devices and agri-food goods,” the foreign ministers of Britain, Germany and France -- Jeremy Hunt, Heiko Maas and Jean-Yves Le Drian -- said in the joint statement.

INSTEX has been registered in France and will be run by German banker and former Commerzbank manager Per Fischer. The new special purpose vehicle will have a supervisory board consisting of diplomats from all three countries: Miguel Berger of Germany, Maurice Gourdault-Montagne of France and Simon McDonald of Britain.

The European Union has vowed to counter Trump’s renewed sanctions on Iran, including by means of a new law to shield European companies from punitive measures.

On May 8, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Following the US exit, Iran and the remaining parties launched talks to save the accord.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is to levy “maximum economic pressure” on the country.

The second batch of US sanctions against the Islamic Republic took effect on November 4.

News No: 3559
Date: 2019/02/05 - 16:19
News Source: Tasnim News Agency

Brief  INSTEX  JCPOA  European  SPV 

Comments:

Leave a Comment:

   
   
   
 

Iran Exports to Russia Grow 36%

Iran exported $533 million worth of commodities to Russia in 2018, which registered a growth of 36% compared to the preceding year.
 

Zarif Reiterates Iran’s Objection to Renegotiating JCPOA

Iranian Foreign Minister Mohammad Javad Zarif once again expressed the country’s objection to the idea of renegotiating the landmark Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).
 

France Reiterates Support for JCPOA

The Foreign Ministry of France reaffirmed Paris’ commitment to preserving the 2015 Iran nuclear deal and facilitating legal commercial transactions with Iran in defiance of US Vice President Mike Pence who has urged the EU parties to leave the JCPOA.
 

Iran Air to Increase Flights during New Year’s Holidays

The Chief Executive of Iran Air, the national Iranian carrier, said the airline is going to operate more flights to handle the high-season trips during the new Iranian year’s holidays.
 

Erdogan: Turkey Ready to Launch Own SPV for Iran

Turkish President Recep Tayyip Erdogan said his country is "ready" to set up its own trade mechanism with Iran, allowing companies from the two neighboring countries to continue with their "legitimate" business amid the hostile US sanctions.
 

Iran, Turkey Agree to Increase Border Trade Traffic

Iranian and Turkish customs officials reached an agreement to ease border traffic of trucks between the two countries, agreeing to let in over 450 trucks on both sides of the border on a daily basis.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners