The European Instrument in Support of Trade Exchanges (INSTEX) for doing trade with Iran under Washington's sanctions remains on paper, Russian Foreign Minister Sergey Lavrov said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 06th November, 2019) The European Instrument in Support of Trade Exchanges (INSTEX) for doing trade with Iran under Washington's sanctions remains on paper, Russian Foreign Minister Sergey Lavrov said on Wednesday.
"The Europeans have come up with an initiative to create a mechanism that will allow circumventing these absolutely illegal and unlawful US sanctions. They have been long coordinating the matter. As a result, they have announced that the mechanism has been created, but it remains on paper," Lavrov said at a press conference.
France, Germany and the United Kingdom have decided to create the INSTEX mechanism in order to do trade with Iran despite the sanctions that seek penalizing anyone dealing with Iran's banking institutions as part of Washington's "maximum pressure" campaign against Tehran. Washington has reimposed sanctions on Tehran after withdrawing from the Joint Comprehensive Plan of Action last May.
