High-level European delegation to visit Iran to hammer out INSTEX

INSTEX, whose creation was announced on the last day of January, can function when there is a similar company in Iran that will be supervised by the Central Bank of Iran. Now, a high-level European delegation is set to travel to Iran to hold talks on details.

Iran to unveil company similar to INSTEX ‘soon’: CBI

INSTEX was created by Germany, France and the UK on the last day of January after months of deliberation by European countries. Its a financial mechanism meant to provide a legal and transparent channel in which Europe engages in trade of non-sanctioned goods with Iran following US sanctions.

Iranian, Portuguese SMEs to use INSTEX to expand business ties

Although Portugal was the 75th destination of Iranian exported products, businessmen from this European country have traveled to Iran to expand business relations between the two countries as the creation of INSTEX has seemingly breathed new air into Iran’s trade with Europe.

Iran, Iraq open non-dollar payment channel in defiance of US sanctions

Tehran’s initiatives to avoid using US dollar in its interantioanl trade can consolidate warmer political and economic relations with its neighbours and regional countries. Such mecahnisms as well as Europe’s INSTEX could finally help it alleviate problems caused by punitive US measures.

12 proposed products to export to Iran through INSTEX

The European Union and in particular, Paris, Berlin and London have been working out ways to continue what they call "legitimate trade" with Iran in a bid to lessen the effect of unilateral US sanctions that have been hampering financial transactions.

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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.

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Austria calls for ’fast’ actions to make INSTEX operational

Austrian Ambassador to Iran, Stefan Scholz, calls the establishment of INSTEX (Instrument in Support of Trade Exchange) a "huge success", saying the new European financial mechanism has helped Iranian currency rial recover after recent falls in value following US unilateral sanctions.

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.