INSTEX makes Europe immune against US pressures

IRNA – Iranian Road and Urban Development believes that the Instrument in Support of Trade Exchanges (INSTEX) with Iran will make Europe immune against the US’ pressures.

Speaking to the Islamic Republic News Agency (IRNA) on Friday, Mohammad Eslami said by designing the INSTEX, Europeans are after making some of their firms immune against the US sanctions.

The mechanism is aimed at preventing damages to those European companies which had relations with Iran or are to maintain ties, he added.

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 late Thursday, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism known as INSTEX.

Elsewhere in his remarks, Iranian minister urged businessmen to make attempts for minimizing dependence to currency, saying the economic balance and domestic production are not comparable with those in the previous years.