Tehran, Iran, 8 Feb.
Trend:
The establishment of INSTEX is seen as an opportunity for Iran's financial transactions with other countries.
INSTEX (Instrument in Support of Trade Exchanges) is a mechanism, created to facilitate non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.
"This is an opportunity for Iran that should be welcomed, however, we should wait for the actual work of this mechanism," said Iranian MP and head of parliament's environmental fraction Mohammad Reza Tabesh, Trend reports citing IRNA.
"The establishment of this financial channel breaks the traditional norms and the euro would gain power over USD, and if other European countries can join it, Iran's transactions will be based on euro. That's good for both Europe and Iran, as well as other countries such as China and Russia, who could also join INSTEX," he said.
"After US withdrew from the Joint Comprehensive Plan of Action (JCPOA), Iran has asked the European Union to establish special purpose vehicle (SPV), although the EU has delayed the launch of financial channel but it was finally created after negotiations," said Tabesh.
Iran's Foreign Minister Mohammad Javad Zarif has recently stated at the parliament's national security commission that the effort of Europeans to establish INSTEX was a bit late, and should've been initiated earlier.