The firm was registered in the Iranian capital last Monday on 22 April. 3 banks an a mobile payment infrastructure company are its main stakeholders.
Iran Chamber of Commerce, the umbrella group of all Iranian private sector, says the three European countries - Germany, France, UK - need to speed up the process of their special financial channel with Iran in the wake of US sanctions.
The move comes several days when the Central Bank of Iran had announced it would unveils the mechanism soon after INSTEX President Per Fishcer held talks with Iranian stakeholders in Tehran. The channel has been called Instrument for Finance and Trade between Iran and Europe.
Belgium is one of those European countries that has expressed interest in using the recently-created financial channel to do business with Iran.
Renault could get back to business in Iran in 2020 should democrats win presidential elections and re-enter the US into the 2015 nuclear deal and remove sanctions. However, it’s hard to predict how the new US political scene will unfold next year.
The announcement comes after a visit to Iran by INSTEX president Per Fischer to work out details of the payment channel. Negotiations have been going on in various levels so that the channel starts work soon.
Indian Ambassador to Iran Gaddam Dharmendra says a team from his country is currently negotiating with the US authorities to obtain another exemption to keep buying Iranian crude. He also talked about how India’s SPV is different from the European INSTEX.
Per Fischer, the former German banker who has been appointed to run the European special payment channel INSTEX, has arrived in Iran in a bid to iron out the details of the financial scheme.
The increase in US exports to Iran happens while Washington has imposed two rounds of punitive measures on Tehran and it continues to press Europe to avoid trade with Iran.
The firm says its has been selling vegetable and grain seeds to Iran after the reimposed US sanctions triggered banking channels. The company is now eyeing the new European financial mechanism to continue sales to the Middle Eastern nation.