IRNA – Italian entrepreneurs who are interested in establishing cooperation with Iran, described as illegitimate and harmful US sanctions against Iran.


Addressing a conference which was initiated by Iran-Italy joint chamber and Iran consulate general in Milan, Italian entrepreneurs underlined the continuation of cooperation with Iran.

Describing as illegal US limitations on trade, they said that they will not set aside Iranian market.

Stressing the fact that Trump administration’s bullying policies are a danger for rule of law in the world, participants criticized European countries including Italy for not making enough efforts for lifting impediments on trade relations with Iran.

They added that the Instrument in Support of Trade Exchanges (INSTEX) is not sufficient compared with US illegal pressures.

Meanwhile, Iran consular general in Milan Amir Masoud Miri said the conference was aimed to review INSTEX and the way through which Italian companies and the private sectors will be able to develop cooperation with Iranian small and medium-sized industries.

Earlier, Governor of Central Bank of Iran Abdolnaser Hemmati announced that the mechanism similar to the [European] channel introduced by the E3 has been registered in Tehran called STFI in the last working day of the Iranian calendar year.

He expressed hope for STFI, an acronym that wasn’t announced what it stands for, to be capable of facilitating trade between Iran and Europe and to be able to lift limitations resulted by the US sanctions.

He added that Iranian people and economic activists expect making operational this mechanism as soon as possible.

INSTEX was introduced by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on the last day of January.

INSTEX has been registered at the address of France's Economy and Finance Ministry in Paris. German banker Per Fischer has been chosen for a period of six months to run it. Also, a senior UK diplomat is expected to head the Supervisory Board.

Earlier, INSTEX president Per Fischer visited Iran to hold talks with Iranian stakeholders in a bid to work out details of the payment channel.