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.
Iranian Oil Minister Bijan Namdar Zanganeh said no country can replace Iranian oil in the global market, Mehr news agency reported on Sunday.
Director General of the Ports and Maritime Organization's office of Hormuzgan province Allah Morad Afifipour said that the British oil tanker, 'Stena Impero', which was seized by the Islamic Revolution Guards Corps (IRGC) in the Persian Gulf was seized because it ignored calls from a fishing boat after an accident in the waterway.
As per updates received, in a recently concluded purchase, South Korean EAF steelmaker, Dongkuk Steel has booked 10,000 MT of A3 grade scrap from Russia at USD 287/MT, CFR South Korea. This price is around USD 7-8/MT less than the last contract for Russian scrap by South Korean steelmakers, which was signed for USD 294-295/MT, CFR in June’19.
Russia has signaled its willingness to join an EU payments channel designed to circumvent US sanctions banning trade with Iran, but has called on Brussels to expand the new mechanism to cover oil exports.
Russia has said it may join a European Union payment system aimed at salvaging the Iran nuclear deal if the mechanism is expanded to include oil purchases.
Armenian Parliament Speaker Ararat Mirzoyan blasted the US sanctions on Iran and pressures on other states to stop cooperation with the country, saying that his country cannot halt buying gas from Tehran.