INSTEX preserves Europe’s economic sovereignty: Austria envoy

The European Union has set up and registered a special purpose vehicle to do "legitimate business" with Iran in the face of unilateral US sanctions. A top European diplomat believes such a payment channel will also benefit the Union’s 28 member states as well as Iran.

6 February 2019
ID : 11816
Share
Share with
Google Plus
Link
The European Union has set up and registered a special purpose vehicle to do "legitimate business" with Iran in the face of unilateral US sanctions. A top European diplomat believes such a payment channel will also benefit the Union’s 28 member states as well as Iran.

Austrian Ambassador to Iran, Stefan Scholz, addresses an event to celebrate first anniversary of establishment of Iran-Austria Joint Chamber of Commerce. (Photo: Ali Farahani)

Europe’s financial channel with Iran protects the continent’s economic sovereignty, Austrian envoy to Iran says.

“Instrument for the Support of Trade Exchange (INSTEX) was announced by three European foreign ministers from Germany, France and the UK last Thursday,” Austrian Ambassador to Iran Stefan Scholz told a group of private sector businessmen and women at the first anniversary of establishment of Iran-Austria Joint Chamber of Commerce.

“This special purpose vehicle to do legitimate business with Iran is Europe’s push to preserve its economic sovereignty against US extraterritorial sanctions,” he stressed during his speech at the event that was held at Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on Monday.

Scholz reiterated the new mechanism would be limited in the first stage to the export of pharmaceutical, medical devices and agri-food goods to Iran based on euro and rial.

But, he highlighted that it could be later extended to other items as well as other countries, such as India that’s holding Iranian oil revenues.

The Austrian envoy also mentioned that it’s important Iran approve the two outstanding bills regarding the Financial Action Task Force (FATF).

For his part, President of Iran-Austria Joint Chamber of Commerce Pedram Soltani said the private sector needs to learn more about details of the new mechanism before it jumps to overreact to the European payment channel.

Comment
Reply to :
= 5-4
Related