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World Six European countries join barter system for Iran trade

05:10  01 december  2019
05:10  01 december  2019 Source:   msn.com

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Paris, London and Berlin on Saturday welcomed six new European countries to the INSTEX barter mechanism, which is designed to The accession of the six new members "further strengthens INSTEX and demonstrates European efforts to facilitate legitimate trade between Europe and Iran "

European efforts to ensure that Iran can keep trading in spite of the sanctions have had little impact. “In light of the continuous European support for The six EU member states joining the mechanism reiterated that they “attach the utmost importance to the preservation and full implementation of the

Paris, London and Berlin on Saturday welcomed six new European countries to the INSTEX barter mechanism, which is designed to circumvent US sanctions against trade with Iran by avoiding use of the dollar.

The 2015 deal set out the terms under which Iran would restrict its nuclear programme to civilian use in exchange for the lifting of Western sanctions© JOE KLAMAR The 2015 deal set out the terms under which Iran would restrict its nuclear programme to civilian use in exchange for the lifting of Western sanctions

"As founding shareholders of the Instrument in Support of Trade Exchanges (INSTEX), France, Germany and the United Kingdom warmly welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway and Sweden, to join INSTEX as shareholders," the three said in a joint statement.

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Iran considers the European Instrument in Support of Trade Exchanges (INSTEX), a tool set up to help trade with Tehran under the US sanctions, to be weak, Iranian Deputy Foreign Minister Seyed Abbas Araghchi stated earlier in November, adding that the system has not been fully implemented so far.

BRUSSELS — European signatories to the Iran nuclear deal are scrambling to get a The Europeans are hoping to announce by Friday a multimillion-euro line of credit to get the barter - trade system functioning. The Europeans said in a statement that the barter system , known as Instex

The Paris-based INSTEX functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange.

The system has not yet enabled any transactions.

Washington in 2018 unilaterally withdrew from the international agreement governing Iran's nuclear programme and reinstated heavy sanctions against Tehran.

The accession of the six new members "further strengthens INSTEX and demonstrates European efforts to facilitate legitimate trade between Europe and Iran", France, Germany and Britain said.

It represents "a clear expression of our continuing commitment to the Joint Comprehensive Plan of Action" -- the 2015 Iranian nuclear deal -- the trio added.

They insisted Iran must return to full compliance with its commitments under the deal "without delay".

"We remain fully committed to pursuing our efforts towards a diplomatic resolution within the framework of the JCPoA."

The 2015 deal set out the terms under which Iran would restrict its nuclear programme to civilian use in exchange for the lifting of Western sanctions.

Since the US pullout, Iran has taken four steps back from the accord.

The latest was on November 4 when its engineers began feeding uranium hexafluoride gas into mothballed enrichment centrifuges at the underground Fordow plant south of Tehran.

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Japan PM Abe discussing Japan visit by Iranian President Rouhani .
Japan PM Abe discussing Japan visit by Iranian President RouhaniHe also said Japan wants to make every possible effort to promote Middle East peace.

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