JCPOA

Iran private sector urges Europe to implement INSTEX

Iran Chamber of Commerce, the umbrella group of all Iranian private sector, says the three European countries - Germany, France, UK - need to speed up the process of their special financial channel with Iran in the wake of US sanctions.

Iran Chamber

INSTEX president in Iran to work out details

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

Trade

Russia to join INSTEX as ruble replaces dollar in Tehran-Moscow trade

The special purpose channel was launched late January as part of the European Union efforts to help Iran enjoy the economic dividends of the nuclear deal that’s been jeoperdised by the US walkout last May.

Trade

Austrian companies ready to trade with Iran within INSTEX: envoy

After the nuclear deal was signed and ratified in 2015, many European businesses jumped to seize the opportunity to engage in commercial activities with Iran. But, restored US sanctions torpedoed their cooperation. Now, with European financial channel in place, they are eager to resume trade.

Trade

Steep decline in Chinese machinery exports to Iran could jeopardize nuclear deal: report

Data from Chinese General Customs Administration show that China-Iran trade has fallen dramatically in the two months following the reimposition of US secondary sanctions. Chinese exports to Iran have collapsed from about $1.2 billion in October 2018 to just $400 million in December 2018—a fall of nearly 70%.

Trade

Europe is steps away from SPV: German envoy

Should it become operational, the Special Purpose Vehicle (SPV) created by the European Union, will not use US dollars in its transactions with Iran and will allow European firms to trade with Iran in the face of unilateral US sanctions.

Trade

Germany says working out final requirements of SPV

Berlin authorities say one of the details is which country will be the headquarters of the financial channel to do trade with Iran in the face of unilateral US sanctions.

Trade

Norwegian Air struggling to get stuck Boeing out of sanctions-hit Iran

The aircaft had to make an emergency landing in the Iranian city of Shiraz in December following an engine problem. The company is facing troubles to get spare parts into Iran to rapair de plane due to the US sanctions.

Transportation

Sanctions cause epilepsy medication shortage

The US Treasury says the renewed economic punitive measures do not impede humanitarian aid for Iran but with less and less European banks willing to accept financial transactions with Iran, food, medicine and medical equipment imports have been disturbed.

Trade

Europe to continue work on SPV in 2019: Mogherini

It was supposed to be put into place by the end of 2018, however it did not come through. Now, the head of the continent foreign policy is promising to keep working on that this year.

Trade