Iran MPs to participate in special meeting on INSTEX
Tehran, Iran, April 13
Member of the Economic Commission of Iran's Parliament, Iranian MP Ali Akbar Karimi said that no report has ever been submitted to the parliament about the latest status of setting up the INSTEX company in Iran.
He added that on April 14 he's attending the meeting of high-ranking officials on this matter.
“So far, Europe has shown no seriousness to determine a reliable and effective mechanism for increasing the level of monetary, banking and financial exchanges with Iran," Karimi told Trend.
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.
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.
"There are two analyzes about the INSTEX mechanism, one that Europeans are not working effectively," he said. “Secondly, even if they are trying their best, they cannot, or will not, act through the pressure of the United States to carry out this engagement and fulfill the obligations that are being undertaken by the JCPOA.”
Karimi said that Europeans have not done anything so far to relieve the Iranian financial sanctions and make bank interactions.
"The private sector expects its banking and financial exchanges to be easily implemented through this mechanism, and the funds that they are trading can be easily transferred," he said.
"This is not too much to expect," Karimi said. “If any condition or restriction to be imposed on the type of goods and volume of funds, then this channel would not be efficient.”