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Envoy to EU: Russia to Continue Trade with Iran with No Need to INSTEX

Russia will ignore US sanctions against Iran and continue to trade with the Middle Eastern nation without creating any special mechanisms, Russian Permanent Representative to the European Union Vladimir Chizhov stated.

"Our colleagues here [in Brussels] sometimes ask why Russia and China do not create their own INSTEX [Instrument in Support of Trade Exchanges]. To that we answer with the question: why do we need it? We have already traded and will trade without paying any attention to US sanctions," Chizhov told Sputnik.

The day before, the Finnish government announced that it was considering joining a trading system that core EU members set up to bypass US sanctions on Iran.

Last year, the United States reimposed sanctions on Iran’s financial and energy sectors that were initially waived under a 2015 nuclear deal. In January, France, Germany and the United Kingdom set up INSTEX in order to ease non-dollar trade with Tehran in the wake of these sanctions. Following a meeting of the Joint Commission of the Iranian nuclear deal in June, the mechanism became operational and available to all EU member states.

News No: 5106
Date: 2019/07/10 - 01:24
News Source: Farsnews

Vladimir Chizhov  US sanctions  Middle East  INSTEX  Russia 

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