screwball

Mogherini: Effort underway to protect Iran’s economic interests Mogherini made the remarks addressing Security Council meeting on cooperation between the United Nations and regional and subregional organizations in maintaining international peace and security on Tuesday. Referring to the Nuclear Non-Proliferation Treaty (NPT), she maintained that world architecture for disarming and nuclear non-proliferation has never been questioned as such so far. Collective security requires a multilateral comprehensive structure for non-proliferation and disarmament, she said, noting that it is for the same reason that the EU will continue efforts to preserve nuclear deal. Iran’s compliance with the JCPOA has been verified 14 times, the latest of which took place two weeks ago, she said. Noting that the EU will continue efforts to preserve Iran’s interests from JCPOA, she said that this is ‘an endeavor for our collective security and a way for preventing proliferation of nuclear arms in a volatile region.’ Withdrawing from a deal which is working is not a good starting point for promoting collective security, she said. 8072**2050 Follow us on Twitter @IrnaEnglish

Vice Speaker: Europeans determined to set up INSTEX Pointing to the Monday trip of INSTEX president to Iran Per Fischer, Ali Motahhari said on Tuesday he had traveled to Iran to discuss with the Iranian side and review the mechanism of the INSTEX. The vice president of the parliament stated that one of the goals of the trip was to clarify the ambiguity of the INSTEX, adding that Fischer has traveled to Iran to launch the system through agreements. Motahhari emphasized that the head of the INSTEX’s visit to Iran could be a step forward, and said Europeans are determined to set up the INSTEX and this system is also beneficial for our country, which will be launched in the future. Meeting of Iranian experts with senior managers of Instrument in Support of Trade Exchanges (INSTEX) to operate a mechanism to support trade between Iran and Europe and how it cooperates with the relevant Iranian institutions is underway. Representatives of related government agencies, including Central Bank, Ministry of Industry, Mining and Trade, Ministry of Petroleum, Ministry of Economy and Finance, Ministry of Agriculture Jihad, Ministry of Health and Medical Education, Ministry of Roads and Urban Planning, Ministry of Energy, Ports and Maritime Organization, Iran Shipping Company and Iran Air are attending the meeting. There are also specialized sub-meetings between some departments (especially in the banking sector) with delegations from other parties which have been held or are underway. In these meetings, the Iranian side's expectations of INSTEX are clearly outlined in detail in the fields of expertise, and the parties discuss technical and expert discussions on possible solutions to the problems caused by US sanctions in this area. On January 31, the UK, Germany and France (the European Union signatories of the nuclear deal) launched a special purpose vehicle (SPV) dubbed the Instrument in Support of Trade Exchanges (INSTEX) in order to facilitate legal trade with Iran. France agreed to take the SPV under its jurisdiction, while Iran is expected to establish a similar entity. The vehicle should support technical opportunities of making transactions with Tehran and does not relieve those using it from the US sanctions. 9455**2050 Follow us on Twitter @IrnaEnglish

CBI, British delegation focus on INSTEX 'Good meeting at the Central Bank of Iran today, discussing INSTEX and the UK's support for business in Iran,' The UK embassy in Tehran tweeted on Tuesday. The meeting was attended by Director of Business Department at the British Embassy Keith Wellings and Middle East, Afghanistan, and Pakistan Commercial Affairs Commissioner Simon Penny who arrived in Tehran this morning. Following the US' withdrawal from Iran nuclear deal, the EU took stance against the move by devising plans to help preserve the international pact. By implementing the Blocking Statute, the EU companies’ compliance with the US foreign sanctions was annulled. Earlier in a news meeting in Bucharest, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism, known as the INSTEX. 9376**2050 Follow us on Twitter @IrnaEnglish

UK experts due in Tehran for next phase of INSTEX The diplomat, who spoke to IRNA on condition of anonymity, said the visit to Tehran will be paid following negotiations between Iran and Europe to further expand the financial mechanism. 'As part of our ongoing discussions on the development of INSTEX Iran has invited E3 colleagues to attend working groups in Tehran to help with the next phase. There will be experts from across the UK Government attending,' the diplomat said. Foreign ministers of Germany, France and the UK issued a statement on Jan 31 announcing the registration of INSTEX. Experts believe that INSTEX is a barter mechanism for trade with Iran to circumvent US sanctions on the country. A JCPOA Joint Commission meeting is being held in Vienna today, the main agenda of which is said to be discussions over the details of INSTEX. The British diplomat said that the presence of the undersecretary of the UK Foreign Office in Vienna meeting is indicative of London’s deep commitment to implementing INSTEX. Noting that many British companies have signaled readiness for resuming trade relations with Iran after the adoption of INSTEX, the diplomat said that such moves show that the international community has realized the fact that Iran is an untapped market for potential buyers. 9341**2050 Follow us on Twitter @IrnaEnglish

Tehran to host new round of talks on INSTEX Tuesday The upcoming meeting is to discuss the latest conditions of INSTEX and its parallel institutions in Iran and also explore the ways economic activists can take advantage of this mechanism and also work out future steps for developing INSTEX to other trade areas. Officials from Iran's Foreign Ministry and other related bodies, European representatives and also President of INSTEXThe event will participate in the talks. Earlier, France's diplomatic mission in Tehran tweeted that 'E3 Heads of Missions welcome INSTEX's president, Per Fischer, to Tehran. Important step to discuss with Iranian counterparts how to make the EU-Iran trade mechanism operational!' Following the US' withdrawal from Iran nuclear deal, the EU took stance against the move by undertaking projects to help preserve the international pact. By implementing the Blocking Statute, the EU companies’ compliance with the US foreign sanctions was annulled. In a news meeting in Bucharest recently, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism, known as INSTEX. Meanwhile, earlier, Iranian Foreign Ministry in a statement called on the European Union to maintain constructive interaction with Iran based on mutual respect and interests. In a statement which was released in response to EU's recent statement on Iran's commitment to the nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA), Foreign Ministry said the experience of relations between Iran and the European Union especially recent ones shows that there are various capacities and opportunities for the two sides to develop cooperation. EU in its statement supported Instrument in Support of Trade Exchanges (INSTEX) and announced its member states' positions as regard regional developments. The statement expresses EU's positions over several issues including INSTEX, Iran's plans on strengthening its defensive capabilities, regional situation, and human rights. While hailing EU's positive stances mentioned in its statement regarding Iran especially on the JCPOA, the Islamic Republic of Iran has stated certain critiques over the positions taken in the EU statement. 9376**1424 Follow us on Twitter @IrnaEgnlish

Is this interesting Britain? Who’s about to step away with brexit? And is now doing trade deals with Iran! Remember the 70’s

INSTEX director arrives in Tehran Head of the trio’s missions welcomed Per Fischer, whose visit to Tehran is a major step for discussing operationalizing the trade mechanism between Iran and Europe. On January 31, foreign ministers of Germany, France and Britain declared that the official payment channel of Iran and EU was registered as the Instrument in Support of Trade Exchanges (INSTEX). The mechanism will initially cover foodstuff and medicine, but its range will broaden gradually. 8072**2050 Follow us on Twitter @IrnaEnglish

Vice Speaker: Europeans determined to set up INSTEX Pointing to the Monday trip of INSTEX president to Iran Per Fischer, Ali Motahhari said on Tuesday he had traveled to Iran to discuss with the Iranian side and review the mechanism of the INSTEX. The vice president of the parliament stated that one of the goals of the trip was to clarify the ambiguity of the INSTEX, adding that Fischer has traveled to Iran to launch the system through agreements. Motahhari emphasized that the head of the INSTEX’s visit to Iran could be a step forward, and said Europeans are determined to set up the INSTEX and this system is also beneficial for our country, which will be launched in the future. Meeting of Iranian experts with senior managers of Instrument in Support of Trade Exchanges (INSTEX) to operate a mechanism to support trade between Iran and Europe and how it cooperates with the relevant Iranian institutions is underway. Representatives of related government agencies, including Central Bank, Ministry of Industry, Mining and Trade, Ministry of Petroleum, Ministry of Economy and Finance, Ministry of Agriculture Jihad, Ministry of Health and Medical Education, Ministry of Roads and Urban Planning, Ministry of Energy, Ports and Maritime Organization, Iran Shipping Company and Iran Air are attending the meeting. There are also specialized sub-meetings between some departments (especially in the banking sector) with delegations from other parties which have been held or are underway. In these meetings, the Iranian side's expectations of INSTEX are clearly outlined in detail in the fields of expertise, and the parties discuss technical and expert discussions on possible solutions to the problems caused by US sanctions in this area. On January 31, the UK, Germany and France (the European Union signatories of the nuclear deal) launched a special purpose vehicle (SPV) dubbed the Instrument in Support of Trade Exchanges (INSTEX) in order to facilitate legal trade with Iran. France agreed to take the SPV under its jurisdiction, while Iran is expected to establish a similar entity. The vehicle should support technical opportunities of making transactions with Tehran and does not relieve those using it from the US sanctions. 9455**2050 Follow us on Twitter @IrnaEnglish

EU plans to do all oil transactions with other states in euros: Iran Thu Dec 6, 2018 02:56PM [Updated: Thu Dec 6, 2018 03:33PM ] Home Iran Economy The European Union plans to use its own currency instead of the US dollar in all oil deals with other states. (Photo by Bloomberg) The European Union is going to ditch the US dollar and use its own currency in oil contracts worth 300 billion euros, an Iranian official said, quoting a European commissioner. “Based on the news I recently received and was confirmed by a European commissioner, from now on, the EU is going to ditch the US dollar and just use the euro in the financial transactions of all European oil deals with other countries,” said Iran’s nuclear chief, Ali Akbar Salehi, on Thursday. Speaking to reporters, the head of the Atomic Energy Organization of Iran (AEOI) said the amount of these transactions is more than €300 billion. “Previously, the EU used to pay 85 percent of the money for the oil it purchased from other countries in US dollars, but now with this new mechanism, all the money will be paid in euros,” he said. Once the mechanism takes effect, the US dollar will be isolated as a global currency, and the US will no longer be able to use dollars in the current dominating way, Salehi added. His comments came one day after the EU commission presented its plan to reduce the dollar's overwhelming dominance of the global economy and to strengthen the role of the euro, particularly for energy transactions. European capitals are increasingly frustrated with the global dominance of the dollar as a reserve currency, which hands the United States unparalleled diplomatic and economic power in a globalized world. Governments, banks and multinationals are at the mercy of US authorities, which have the legal power to switch off access to the world economy if any company or country runs afoul of Washington. "In the current context of incertitudes – trade conflicts, extra territorial sanctions by the US – the market participants are looking for alternative," said EU economics affairs commissioner Pierre Moscovici at a news conference in Brussels. PressTV-EU promotes euro to stop dollar dominance The EU commission presented its plan to reduce the dollar's overwhelming dominance of the global economy. The single currency – born on January 1, 1999 – "should reflect the political, economic and financial weight of the eurozone", the single currency bloc of 19 EU countries, said European Commission Vice-President Valdis Dombrovskis. The share of the euro in global holdings of foreign exchange reserves currently stands at around 20 percent, according to the commission. The US dollar, by comparison, is over 60 percent. After a strong start, the international stature of the euro suffered greatly during the eurozone debt crisis as the financial markets lost faith in the single currency. The most frustrating recent example for the EU is Iran, where international companies that choose to trade with or invest despite US sanctions are vulnerable to punishment by Washington if they use the dollar. In order to resolve the issue, Europe has promised to establish the Special Purpose Vehicle (SPV), a mechanism which is supposed to bypass US sanctions against Tehran. PressTV-US using dollar as weapon to pressure Europe: Iran The US government has been using dollar as a weapon to force other countries into supporting its policies, says an Iranian diplomat. SPV to be launched by year-end In his Thursday remarks, Iran’s nuclear chief expressed hope that the SPV will be in place by the end of December. It is not easy to build consensus among 27 members of the European Union, he said, quoting European officials as saying that they are doing their best to finalize the mechanism, and that its development is in its final stages. “Based on the pledges that the Europeans have made, we hope that Europe’s proposed package would become operational by the end of the current year,” Salehi added. PressTV-Iran's patience running out on EU pledges: Salehi Iran's nuclear chief warns the European Union that Tehran's patience is running out on the bloc's lack of delivery on its economic pledges. Salehi’s comments echoed Wednesday remarks by Iranian Foreign Minister Mohammad Javad Zarif who also quoted Europeans as saying that the SPV will be launched very soon. “The Europeans told me in Geneva, and my colleagues in Brussels, that the final arrangements for the SPV have been made,” Zarif said, but at the same time noted that the EU has kept the process confidential for fear of the US which may disrupt the SPV if it is made aware of the details. In a Tuesday report, Al-Monitor quoted European sources as saying that the SPV will be announced in January. “It is likely that it will be used initially to facilitate trade in food and medicine and consumer goods to avoid attracting unwanted scrutiny from the US Treasury Department,” the report said. “The Europeans have indicated that other countries may be welcome to join the SPV or that there may be multiple SPVs for different types of trade,” it added. Comments (82) crescent moon14.02 07:55 HURRAY !! a beginning . . . . . Reply +0 -0 Watcher01.01 11:57 Not sure the idea of SVP to use for OIl imports in Euro instead of $ wasn't under consideration well before the hysterical sanctions, while Iran will see the finger pointing. It is up to Iran to start selling oil with limited quantity in order to test the operational functionality of SVP, and convenient use of the money. Otherwise, may opt to control the sale volume only for humanitarian necessities. There is no point to pile up the oil money in a blocked account. In such a circumstance, it's more meaningful to sell the oil in RIALS. Most of the country's spending is in Rials anyway. Reply +0 -0 espionage is terror2018.12.24 16:27 Iran should steadly buy gold to significantly increase her gold reserve and move it inside of the country and if needed use a portion of it as a mean to reduce her internal debts and keeping the wealth inside the country than selling it in form of forign exchange that will eventually leave the country for good if not wasted on forign trips. Reply +0 -0 show more Latest News Britain in chaos: MPs reject May's Brexit deal ‘US sponsoring regime change in Venezuela’ Iran to US: Era of meddling in other countries over 'Russia’s 2 strategic submarines to join navy by year-end' Berlin digital archive seeks to ‘build up a new Syria’ Iran, Iraq hail ‘turning point’ in ‘strategic’ ties EU warns US against military action on Venezuela Vote for my deal or face Brexit collapse: UK PM ‘Water, food drying up in Syria’s Rukban refugee camp’ NASA to open untouched Moon samples after 50 years Macron invited to attend Rwanda genocide anniversary Video: Israeli soldiers manhandle Palestinian women Biden running for president in 2020: Lawmaker UK’s citizenship-stripping practice racist: Analyst More Articles

Syria, Iran set up non-dollar payment channel Wed Jan 30, 2019 08:31AM [Updated: Wed Jan 30, 2019 09:37AM ] Home Iran Economy Heads of Iranian and Syrian chambers of commerce sign documents for cooperation in Damascus, Jan. 29, 2019. (Photo by SANA) Iran and Syria have enabled their banks to conduct transactions in their local currencies and non-dollar foreign currencies, lifting a key hurdle to their trade and investment. Iranian Vice President Es’haq Jahangiri is currently visiting Syria with a delegation of traders who are looking for opportunities in a country facing a mammoth task of reconstruction after war. An almost non-existent banking link between the two countries has always been a niggling problem which has held up projects from moving forward. The banking issue is the “most important problem,” Mohammad Saeed Shahmiri, an executive with the Iranian company Saab Niroo which specializes in building infrastructure, told Reuters. His firm is studying projects in and around Damascus, according to the news agency. “We hope if they solve this problem, immediately we can start the project here,” Shahmiri said. Because of terrorist attacks and US-led bombings, millions of homes, educational and health facilities, and infrastructure remain either damaged or destroyed. Iran is best placed to play a leading role in their reconstruction because it is currently the Middle East’s largest producer of cement and steel. Western sanctions on both Syria and Iran have affected banking transactions between the two countries which are cut from the US financial system. Chairman of the Syrian chambers of commerce Mohamad Hamsho said agreements had been concluded to “overcome obstacles with respect to the banking activity between Iran and Syria.” Jahangiri, addressing an Iranian-Syrian business forum in Damascus, also said “ministers confirmed that banking transactions will take place very soon between the countries.” On Monday, Iran and Syria signed 11 agreements, including a “long-term strategic economic cooperation” deal which includes industry, trade and agriculture. PressTV-Iran, Syria shaping up Mideast with 'strategic' deal The signing of 11 agreements by Iran and Syria is a sign of changing winds in the Middle East which is shaping up to the results of an atrocious war. The agreements covered a wide range of fields including economy, culture, education, infrastructure, investment and housing, the official SANA news agency reported. They included two memos of understanding between the railway authorities of the two countries as well as between their respective investment promotion authorities. Syrian Prime Minister Imad Khamis said the two sides also agreed to rehabilitate the ports of Tartus and Latakia and build a 526 megawatt energy plant. According to Syrian state media, the $413 million power plant in Latakia will include building a gas pipeline from Baniyas to fuel it.

Last year... Top GOPers ask Trump admin. to put Iran back on FATF blacklist Fri Jun 22, 2018 08:42AM [Updated: Fri Jun 22, 2018 08:45AM ] Home Iran Politics A view of the venue for FATF's plenary meeting in Spain in 2017 A group of senior Republican lawmakers in US Congress have asked the administration of President Donald Trump to add Iran back on the Financial Action Task Force (FATF)'s blacklist and reverse one of the key agreements that paved the way for the 2015 nuclear deal between the Islamic Republic and major world powers. Senator Rob Portman and Representative Ed Royce wrote a letter to Treasury Secretary Steven Mnuchin on Thursday, asking him to raise the issue during the Paris-based anti-money laundry and terror financing organization's upcoming session next week in the French capital. In making their case, Portman and Royce-- chair of the Senate Permanent Subcommittee on Investigations and chair of the House Foreign Affairs Committee, respectively-- referred to a recent congressional report that claimed then-President Barack Obama tried "to give Iran access to the US financial system" to facilitate the deal, known as the Joint Comprehensive Plan of Action (JCPOA). "This upcoming FATF session is particularly important following the recent release of the Senate Permanent Subcommittee on Investigations' report exposing new details about the previous administration's efforts to give Iran access to the US financial system, including through consideration of a general license for the ‘conversion of two non-USD currencies through the limited use of the USD as an intermediate currency,'" the lawmakers wrote in the letter. PressTV-FATF extends freeze of restrictions on Iran The body fighting money laundering prolonged a freeze of some of its restrictions on Iran after verifying the Islamic Republic’s continued compliance with its directives. "In the push to save its deeply flawed nuclear deal, the Obama administration unwisely backed a wide range of economic relief for Iran—including through the FATF," the lawmakers further noted. "In June 2016, the administration supported the FATF’s decision to suspend ‘counter-measures' against Iran for one year, following Tehran's submission of an Action Plan to the FATF to address deficiencies in its anti-money laundering/counter-terrorist financing policies." Despite Trump's withdrawal from the JCPOA in May and his pledge to punish foreign companies that do business with Iran, the FATF is continuing to lift restrictions on Iran every six months since the implementation of the nuclear deal in January 2016. In its plenary session in February, however, the anti-money laundering group gave in to US pressure and decided to maintain Iran's status as a high-risk jurisdiction for money laundering. The two lawmakers said the FATF needed to take further action against Iran because Tehran was providing financial support for Lebanese and Palestinian resistance movements, Hezbollah and Hamas, which are both regarded as terror groups by the US. According to Portman and Royce, Iran did so by designating these groups as "legitimate popular resistance against colonial domination and foreign occupation." "It's time to recognize that Iran has failed to take the necessary steps—despite its pledges two years ago—to be removed from the list of FATF’s high-risk and non-cooperative jurisdictions," the letter read. "The United States should now utilize its influence within the FATF to reimpose countermeasures against Iran and protect the international financial system." PressTV-Iran beefs up law to fight money laundering The new amendments come ahead of a June session by Paris-based Financial Action Task Force (FATF) which is expected to issue a verdict on trade with Iran. Iran’s parliament has adopted new amendments proposed by the government to the country’s Anti-Money Laundering (AML) law as part of efforts to improve connections to the international banking and trade system. The upcoming FATF session is expected to issue a verdict on international transactions and business relationships involving Iran. Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Wednesday that Iran would not submit to the conventions that undermine the nation’s independence. The Leader touched on global agreements purportedly aimed at fighting terrorism and money laundering, saying the signatories of those conventions have had no role in creating them. "The global powers prepare these conventions based on their own interests and benefits and then their submissive and compliant allies enact them in their countries,” Ayatollah Khamenei told a group of lawmakers in Tehran. Ayatollah Khamenei cautioned against signing up to "things when we don’t know their eventual consequences, while we know the potential problems, for the sake of some positive aspects." Comments (0) Latest News Britain in chaos: MPs reject May's Brexit deal ‘US sponsoring regime change in Venezuela’ Iran to US: Era of meddling in other countries over 'Russia’s 2 strategic submarines to join navy by year-end' Berlin digital archive seeks to ‘build up a new Syria’ Iran, Iraq hail ‘turning point’ in ‘strategic’ ties EU warns US against military action on Venezuela Vote for my deal or face Brexit collapse: UK PM ‘Water, food drying up in Syria’s Rukban refugee camp’ NASA to open untouched Moon samples after 50 years Macron invited to attend Rwanda genocide anniversary Video: Israeli soldiers manhandle Palestinian women Biden running for president in 2020: Lawmaker UK’s citizenship-stripping practice racist: Analyst More Articles

He wants them to be part of the international monetary system

This is nice...one of trumps requirements

Chief bankers of Iran, Iraq sign deal on payment mechanism Wed Feb 6, 2019 12:21AM [Updated: Wed Feb 6, 2019 12:25AM ] Home Iran Economy Governor of Iran's Central Bank Abdolnasser Hemmati and his Iraqi counterpart Ali Mohsen Al-Allaq sign an agreement on a payment mechanism aimed at facilitating the settlement of Baghdad's debts to Tehran. (Photo by IRNA) Governors of the central banks of Iran and Iraq on Tuesday signed an agreement on a payment mechanism which is to facilitate the settlement of Baghdad’s debts to Tehran. The deal, signed in Baghdad by Iran’s Abdolnasser Hemmati and Iraq’s Ali Mohsen Al-Allaq, mainly focuses on a payment channel that is to facilitate the settlement of the Arab country’s debts to Tehran over gas and electricity imports, among others. The two sides inked the agreement following negotiations between members of their delegations in Baghdad’s Al Rasheed Hotel. Upon arrival in the Iraqi capital Tuesday, Hemmati told IRNAthat his trip was aimed at removing the obstacles that hinder the settlement of Iraq’s debts to Iranian exporters. “Currently, we’re witnessing a considerable volume of exports [from Iran to Iraq] in both public and private sectors, but there are shortcomings in banking and monetary exchanges, which have created problems for [Iranian] exporters,” he said. In addition to natural gas and electricity, Iraq imports a wide range of goods from Iran including food, agricultural products, home appliances, and air conditioners. The value of Iranian imports to Iraq was about $6 billion for the 12 months ending March 2018, about 15 percent of Iraq’s total imports for 2017. The energy contracts between the two countries also contributed to a volume of trade of $12 billion last year. Iran is currently Iraq's top trade partner, having sharply increased their trade exchanges in recent months despite US sanctions on the Islamic Republic. The US government in November re-imposed unilateral sanctions against the Islamic Republic of Iran and urged all countries in the world to stop doing business with Iran. However, in a bid to meet its energy needs, Baghdad requested the US to exempt the Arab country from its unilateral sanctions against the Islamic Republic, and was finally granted a 45-day waiver, which was later extended for another three-month period. PressTV-US grants Iraq 90-day waiver over Iran sanctions The United States has granted Iraq a 90-day waiver over Iran sanctions to import natural gas and electricity. After giving the waiver, the US said that Iraq could continue to import natural gas and energy supplies from Iran as long as it did not pay Iran in US dollars. Therefore, the country officially removed the US dollar in trade with Iran, and started working on the use of local currencies in its economic ties with Tehran. Read more: Iran, Iraq consider using local cash in mutual trade Iraq officially removes US Dollar from Iran trade Iran’s Tuesday deal with Iraq on facilitating financial exchanges came a few days after the European signatories to the 2015 Iran nuclear deal formally announced the launch of a long-awaited direct payment mechanism meant to safeguard their trade ties with Tehran in the face of the "toughest ever" American sanctions. Following months-long preparations, foreign ministers of France, Germany and Britain finally unveiled the mechanism -- officially called the Instrument in Support of Trade Exchanges (INSTEX) -- on Thursday following a summit in Bucharest. PressTV-Defying US, Europe launches payment channel with Iran In a blow to US sanctions against Iran, the European parties to the 2015 nuclear deal unveil a direct payment channel with Tehran meant to protect bilateral trade ties. "France, Germany and the United Kingdom, in accordance with their resolute commitment and continued efforts to preserve the Joint Comprehensive Plan of Action (JCPOA) endorsed by United Nations Security Council resolution 2231, announce the creation of INSTEX SAS (Instrument for Supporting Trade Exchanges), a Special Purpose Vehicle (SPV) aimed at facilitating legitimate trade between European economic operators and Iran," the three foreign ministers said in a joint statement," they said in a joint statement. France, Germany and the UK are the initial shareholders of the INSTEX mechanism for trade with Iran, which has been registered in the French capital, Paris, with a capital of 3,000 euros, and will be governed by a German banking expert, according to AFP and German media. INSTEX is designed to pave the way for European firms to do business with Iran while evading the strict sanctions the US re-imposed against Iran last year after leaving the 2015 multinational nuclear deal, formally called the Joint Comprehensive Plan of Action (JCPOA).

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