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Iran Chamber of Commerce urges Europe to push private firms to trade with Iran via INSTEX

Pedram Soltani, Vice President of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) says European governments should encourage their private sector companies to use INSTEX for trade with Iran. He believes the mechanism could take up to a year to become operational.

Iran private sector welcomes INSTEX, vows to make it ‘big success’

INSTEX (Instrument in Support of Trade Exchange) is the new denomination of Europe’s special purpose vehicle (SPV) that’s been designed to include trade of pharmaceuticals, medical devices and agri-foods between three European countries and Iran in the face of unilateral US sanctions.

INSTEX preserves Europe’s economic sovereignty: Austria envoy

The European Union has set up and registered a special purpose vehicle to do "legitimate business" with Iran in the face of unilateral US sanctions. A top European diplomat believes such a payment channel will also benefit the Union’s 28 member states as well as Iran.

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.

Europe registers INSTEX, Iran welcomes move

The long-awaited special purpose vehicle to facilitate Iran-EU trade in the face of renewed US sanctions has officially been put in place in France. It’s waiting for a similar Iranian entity and several other factors to become operational.

Europe sets up Iran financial mechanism, calls it INSTEX

Germany, France and Britain say they’ve established and registered a commercial trade mechanism with Iran, called Instrument In Support of Trade Exchanges (INSTEX), that will bypass the unilateral US sanctions.

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.

European SPV could be in place as early as ’Monday’

Brussels had announced in previous occasions that it’s working hard on the non-dollar financial channel and that it would become operational soon. This time it seems that the EU is closer and more exact in its timetable.

‘Iran-EU trade mechanism to be set up in coming days’

French Foreign Minister Jean-Yves Le Drian says a European-backed trade mechanism, known as the Special Purpose Vehicle (SPV), aimed at facilitating non-dollar business with Iran in the face of US sanctions should be established in the coming days.

Swiss humanitarian payment channel with Iran ‘ready’, awaits capital

Switzerland, 60% of whose exports to Iran are medicine, has been hard at work to allow the creation of a humanitarian payment mechanism that helps the uninterrupted flow of humanitarin goods to Iran in the face of renewed US sanctions.