TEHRAN,Iran, Feb.6
Trend:
Londonchr("39")s policy is to support development of trade ties with Tehran, said Director General at British Iranian Chamber of Commerce Paul Wilson, Trend reports via IRNA.
"British Iranian Chamber of Commerce is trying to identify companies that are willing to cooperate with Iran by connecting them to INSTEX the mechanism," said Wilson.
"The main problem in INSTEX is start of the mechanism by a company that is willing to break the taboo and trade," he added.
"So far London has resisted the US pressure and has not sanctioned Iran but the main issue is that companies can not be obligated to have trade with Iran," he said.
Wilson said that British companies calculate the profit of trade with Iran alongside the volume of damages by the US sanctions.
"We are trying to introduce British companies to INSTEX, based on the government request, we have identified proper companies for trade with Iran and are trying to connect them to INSTEX," he said.
"Most of these companies are active in pharmaceutical and agriculture sectors, other commercial sectors that are not sanctioned should gradually be identified to join INSTEX," he added.
The Instrument in Support of Trade Exchanges (INSTEX) is a European special-purpose vehicle (SPV) established in January 2019. Its mission is to facilitate non-USD transactions and non-SWIFT to avoid breaking US sanctions.