Tehran, Iran, March.12
The French embassy in Tehran on Monday announced the visit of the Director of the Iran-Europe Financial Mechanism (Known as INSTEX) Per Fischer to Iran.
The embassy wrote on its Twitter page that Fischer’s trip is a major step towards holding talks with Iranian officials on how to enforce INSTEX.
A few weeks ago, Germany, France and Britain established the INSTEX mechanism in an effort to persuade Tehran to stay in the Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA). The mechanism is a special-purpose vehicle (SPV) aimed at facilitating trade with Iran.
The mechanism has not gone into effect yet. According to European officials, INSTEX will only cover food items and medicines in the first phase if it becomes operational.