Many countries are considering joining the European payment mechanism. Sweden, after Finland, is the second Scandinavian country to express readiness to be part of the trade channel.
In a push to process transactions more quickly, INSTEX is rolling out a new factoring service for European exporters. The company is also making new hires that will enable it to expand operations in the coming year.
A senior Austrian embassy official says Vienna will continue its trade ties with Tehran despite of the unilateral US sanctions.
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.
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 two main European countries behind the European payment mechanism say they are working at top speed to bring the channel online very soon, preferrably before this Sunday when Iran will announce more commitments reduction.
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 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.