Baku, Azerbaijan, May 26
By Elnur Baghishov – Trend:
INSTEX, the financial mechanism created between European members of the Joint Comprehensive Plan of Action (JCPOA) and Iran, may start working in two months, Slovenian ambassador to Iran Kristina Radej said.
This mechanism is not working yet, Radej added, Trend reports referring to Iran's Shargh newspaper.
The Slovenian ambassador said that medicines and necessary products will be first exchanged via this financial mechanism.
Radej added that Slovenia has intensified trade relations with Iran and intends to use this financial mechanism for trade development.
The JCPOA, signed between Iran and the P5+1 group (US, UK, Russia, China, France and Germany), was put in force in January 2016. The US announced its withdrawal from the deal in May 2018 and imposed sanctions on Iran in November of the same year. In late January 2019, the European signatories of the JCPOA (namely the UK, France and Germany) officially announced the establishment of INSTEX, a special financial mechanism formed with Iran for backing the said agreement.