Russia doesn’t rule out collaboration on INSTEX payment mechanism for trade with Iran

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Javad Zarif

Javad Zarif

Iranian Foreign Minister Mohammad Javad Zarif previously noted that the EU mechanism for bilateral transactions with Tehran bypassing US sanctions could include other interested countries, such as Russia and Turkey.

“This is an important project that aims to protect the interests of European economic operators amid illegal attempts to restrict their activities by third countries”, Kremlin spokesman Dmitry Peskov explained, adding that Moscow is closely following the INSTEX issue.

He also stated that after the system successfully comes into effect, Russia may consider joining the project.

INSTEX was formally launched by France, Germany and the United Kingdom to facilitate trade with Tehran after the US withdrew from the Iranian nuclear deal and reinstated sanctions against the Islamic Republic.

EU countries said the mechanism will initially deal with food and medicine, while Tehran has sought for oil trade to be included, as Washington is targeting the Iranian oil industry with its restrictions.

Source » sputnik

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