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.
The Iranian industry, mine and trade said a border market will soon be opened on Turkmenistan border in a bid to boost local economy.
Iran’s southern port of Bushehr is about to launch a cargo and passenger shipping line with Qatar using a roro/passenger ship called Grand Ferry.
The Iranian president has authorised the interior ministry not to stamp foreign tourists’ passports to avoid the US retaliation and hike its own revenues from the tourism sector.
Iran and Ghana have singed a document to consolidate their trade ties as Tehran looks to diversify its export destinations and trade partners.
Iranian Foreign Minister Mohammad Javad Zarif says his country is in talks with several regional countries to do business in national currencies.