The European Union’s External Action High Representative Federical Mogherini has said that the INSTEX is ready to be operational and carry out the first trade exchange with Iran before Tehran’s 60-day ultimatum expires next week.
Mauro Conciatori, who finished his mandate as head of the Italian mission in Iran, visited Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) and held talks with its president Gholam Hossein Shafei on Wednesday 12 June.
Mauro Conicatori, who left Iran on Friday after finishing his five-year mandate as the Italian ambassador to Iran, says the work on the European financial mechanism has advanced and that good news will come out in "some weeks".
Ambassador of the Republic of Slovakia to Iran says some 30 companies that are interested in keeping trade with Iran will visit the country in coming weeks .
Czech Deputy Minister of Industry and Trade Eduard Muřický says INSTEX is not functional yet so Prague needs to look for other ways of keeping up trade with Iran.
The document was inked during a visit by Iranian Economy Minister Farhad Dejpasand to the East European country.
Belgium is one of those European countries that has expressed interest in using the recently-created financial channel to do business with Iran.
Simon Penney, the British government’s Trade Commissioner for the Middle East, Afghanistan and Pakistan has said in talks with Hossein Selahvarzi, Vice President of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) that European financial mechanism can facilitate trade with Iran.
INSTEX, whose creation was announced on the last day of January, can function when there is a similar company in Iran that will be supervised by the Central Bank of Iran. Now, a high-level European delegation is set to travel to Iran to hold talks on details.
INSTEX was created by Germany, France and the UK on the last day of January after months of deliberation by European countries. Its a financial mechanism meant to provide a legal and transparent channel in which Europe engages in trade of non-sanctioned goods with Iran following US sanctions.