INSTEX President Per Fischer in Iran for talks on Iran-Europe trade

Per Fischer, the former German banker who has been appointed to run the European special payment channel INSTEX, has arrived in Iran for a second time in a bid to iron out the details of the financial mechanism.

10 June 2019
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Per Fischer, the former German banker who has been appointed to run the European special payment channel INSTEX, has arrived in Iran for a second time in a bid to iron out the details of the financial mechanism.

Per Fischer (middle) poses with the E3 heads of mission in Iran. (Photo: Uk Embassy in Iran Twitter)

INSTEX President Per Fischer is in Iran for talks on how to operationalise the European payment channel, designed to do trade with Tehran in the wake of US sanctions.

Iran foreign ministry Spokesman Abbas Mousavian made the announcement in his weekly press conference on Monday. He didn’t give more information.

Per Fischer is accompanying German Foreign Minister Heiko Maas in his visit to Iran, aimed at talks on the state of Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA).

This is Per Fischer’s second visit to Iran after his first that took place early March that was aimed at working out details of the payment channel.

He could possibly meet with his Iranian counterpart Ali Asghar Nouri, president of the Iranian counterparty, called Special Trade and Financing Instrument between Iran and Europe (STFI). 

Ali Asghar Nouri, STFI President

Instrument in Support of Trade Exchanges (INSTEX) was created in January by Germany, France and the UK.

Iran set up and registered the counterparty in April to resume trade exchanges. However, no transaction has been carried out so far.

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