MP: Iran won't accept conditions under INSTEX
Baku, Azerbaijan, Feb. 18
By Elnur Baghishov – Trend:
Iranian officials will not accept conditions under the EU's special financial mechanism, aka INSTEX, Abolfazl Hasanbeygi, a member of the National Security and Foreign Policy Committee of the Iranian Parliament, told Tasnim News Agency, Trend reports.
According to Hasanbeygi, Iran should not be optimistic about Europe's promises and should look domestically for ways to develop the country.
Commenting on statements by the EU officials on conditional execution of INSTEX with FATF's approval, Hasanbeygi said the Islamic Republic officials will not accept any conditions for implementation of the financial mechanism.
On Jan. 31, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.
FATF (Financial Action Task Force) is an intergovernmental organization that enforces international standards for combating money and property laundering, financing terrorism and the proliferation of weapons of mass destruction. Two of the four FATF bills have been approved in Iran. Two others – namely, Palermo and CFT bills – are awaiting approvals.