INSTEX launch to open up new opportunities for Russia, says deputy minister

TASS – The upcoming launch of INSTEX, the European mechanism of foreign trade settlements aimed at facilitating trade with Iran bypassing American restrictions, is going to open up more opportunities for Russia as well, Deputy Foreign Minister Sergey Ryabkov told TASS.

Eventually, “the full-fledged functioning” of the mechanism will also “open up opportunities for trade between Iran and third countries, including China and Russia,” he said.

In this respect, the countries that founded INSTEX, “stick to their word,” he emphasized.

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 US sanctions.