IRNA – Iran’s Ambassador in London recalled delay in commissioning Instrument in Support of Trade Exchanges (INSTEX), hoping that the mechanism will gain further speed in the next stages so that the Iranian nation will feel impacts of lifting sanctions under JCPOA.

Talking to IRNA on Friday, Hamid Baeidinejad said, “The three European states finally took steps to register the special mechanism and this is a good signal, but we are waiting to see its commissioning soon.”

The urgent phase of the mechanism has been devoted to basic goods and health and agriculture sectors, but the mechanism pursues a broader objective, encompassing all legitimate exchanges, he said.

First stage of the mechanism to be handled by three European states of UK, Germany and France as the major shareholders starts with basic goods, he said, noting that other countries including European and non-European can join the mechanism.

Baeidineajd hailed the vehicle as innovative created by the three European states, hoping that it will block the US oppressive sanctions.

Following US withdrawal from Iran nuclear deal, EU took stance against the move by undertaking projects to help preserve the international pact.

By implementing the Blocking Statute, EU companies’ compliance with US foreign sanctions was annulled.

Late on Thursday, German, British and French foreign ministers in a news meeting in Bucharest officially announced the commissioning of the European special financial mechanism known as the Instrument in Support of Trade Exchanges (INSTEX).