The Iranian lawmakers passed a government bill that encourages and supports investment by both countries. However, the US sanctions have hindered that joint Iran-European projects be materialised.
The Iranian petroleum minister has called on the OPEC members to unite as the oil producing states and others are set to agree on production cut extension in Vienna meeting on Monday.
The Iranian cabinet has approved a law that allows authorities to grant residency to investors of other nationalities who can invest up to 250,000 euros in the Iranian economy.
Director of the export support centre in Russia’s Volgograd region believes the US sanctions won’t hurt Iran-Russia ties as the two countries have always been having good relations.
The Iranian representative to the UN says if capital is not injected into the European payment channel with Iran, it won’t suffice as it won’t be able to carry out financial transactions.
The European Union has announced that its INSTEX mechanism to facilitate trade with Iran was up and running on Friday.
Three European signatories to the nuclear deal of 2015, Germany, France and the UK, are expected to inject capital into INSTEX to open credit lines for European companies that are interested in doing business with Iran.
Aleksandr Buyda, director of Russian Engineering Union in the Volgograd region, says it’s necessary to set up a trading house between Iran and Russia to better facilitate bilateral trade.
Data from oil tankers show that an Iranian oil carrier has berthed at a Chinese port to be the first confirmed delivery of Iranian crude purchase after 2 May when the US didn’t extend oil sanctions waivers for clients of Iranian energy.
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.