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Eight European states join INSTEX mechanism of settlements, says Russian envoy

INSTEX supports technical opportunities of making transactions with Tehran and does not relieve those using it from US sanctions

© AP Photo/Ronald Zak

VIENNA, October 4. /TASS/. Eight European countries have joined INSTEX, the mechanism of financial settlements with Iran aimed at facilitating trade with Iran bypassing US restrictions, Russia’s permanent representative to international organizations in Vienna Mikhail Ulyanov wrote on his Twitter account on Friday.

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

"Eight European states joined INSTEX mechanism aimed at facilitation of trade relations with Iran under US sanctions. Many in Iran are skeptical and have reasons for that. However, it is too early to dismiss this initiative. It will hardly meet high expectations but remains helpful," he said.

INSTEX (Instrument in Support of Trade Exchanges) launched by the UK, Germany and France (the European Union signatories of the nuclear deal) supports technical opportunities of making transactions with Tehran and does not relieve those using it from US sanctions.

On July 17, Russian Foreign Minister Sergey Lavrov said that payments worth several million dollars had been made via INSTEX, adding though that it is next to nothing.

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