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.
Iran’s ambassador to the United Nations slammed the Israeli regime and the US as the main obstacles to the establishment of a Middle East Zone Free of Nuclear Weapons.
Iranian Energy Minister Reza Ardakanian said he would travel to Moscow to hold talks with senior Russian officials about a $5 billion loan from the country.
French tubular steelmaker Vallourec expects Brazilian demand to pick up in the fourth quarter, while oil and gas demand in the US is expected to decline.
Oil prices gained on Friday after OPEC’s forecast for oil demand next year fueled hopes that the producer group and allies will maintain supply cuts when they meet to discuss policy on output next month.
Despite a marginal decline in overall crude oil exports, Iraq has boosted the sales of its crude to top Asian importers China and India since late September, as the confusion over the return of full Saudi capacity after the attacks made other Middle Eastern producers more popular in Asia.
Russian steel making company EVRAZ has recently announced its trading update for the Q3 of 2019. In the third quarter, EVRAZ’ consolidated crude steel output fell by 3.4% Q-o-Q, mainly due to the lower production volumes at EVRAZ ZMSK amid scheduled capital repairs.