E3 ambassadors issue statement on INSTEX

June 14, 2019

TEHRAN – The British, French and German ambassadors to Iran have issued a statement following completion of further expert meetings in Tehran, vowing to deliver INSTEX’s first transaction as quickly as possible.

“The British, French and German Ambassadors to Iran welcomed representatives from INSTEX and E3 technical experts to Tehran this week for discussions with the relevant Iranian experts and counterparts,” the statement read, according to the website of the British embassy in Tehran.

“These discussions, funded by the EU TAIEX instrument, have helped to advance our collective efforts to ensure trade with Iran that is compliant with EU and international law can continue, including through the special purpose vehicle ‘INSTEX’,” it stated.

“We understand the economic pressure the Iranian people are facing. We are committed to working with Iran to deliver INSTEX’s first transaction as quickly as possible. Expert exchanges of this nature are the best way to move us closer towards delivering on our shared goal to facilitate legitimate trade and economic relations with Iran. In light of the above, both sides have agreed a roadmap to expedite progress.”

European countries established INSTEX in January to help shield limited trade with Iran from U.S. sanctions imposed after President Donald Trump withdrew from the multinational Iran nuclear deal a year ago. 

On March 20, Iran’s central bank governor Abdolnaser Hemmati announced that a mechanism similar to INSTEX has been registered in Iran, officially called the Special Trade and Finance Institute (STFI).

MH/PA

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