The Scandinavian nation wants to be included in the European payment channel with Iran in a bid not to lose the Iranian market in the wake of US unilateral sanctions.
Ukrainian and Russian officials have separately called for the establishment of a trading house between their respective countries and Iran. A trading house could have various purposes but what Ukraine is proposing is much like Europe’s INSTEX to facilitate bilateral trade in the wake of US sanctions.
Kremlin has thrown its weight behind the EU’s efforts to boost trade with Iran in the wake of US sanctions. Brussels says it will bring the mechanism online before other members can join it.
Iran-German trade ties have seen recent downs due to the US sanctions but those measures haven’t stopped dozens of such companies to leave Iran altogehter.
The European trade channel with Iran is reaching its final stages as it’s processing several transactions and some European countries are thinking about buying Iranian oil to inject the revenues into the mechanism.
President of Iran-Spain Joint Chamber of Commerce Mohammad Taheri says INSTEX doesn’t include what Iran wants from Europe, that is purchase of Iranian crude, but it should be activated anyway.
The EU’s plan to continue trading with Iran in defiance of US sanctions has, so far, come up short. Tehran wants oil included in the new barter system, INSTEX. Despite US threats, Brussels appears to be listening.
Emmanuel Bonne, the senior diplomatic aide to French President Emmanuel Macron is expected in Tehran later on Wednesday in a bid to talk about exit ways of the current nuclear dilemma. He many also talk about Europeans efforts to get INSTEX operational.
The Scandinavian country says it’s considering options to be one of the European countries that use the payment channel to continue trade with Iran.
Deputy Foreign Minister Abbas Araqchi says the European financial mechanism has political value but that it needs to meet Iran’s needs to be a fruitful solution.