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Iran Hails European Barter System But Says Its Insufficient

Iran Hails European Barter System But Says Its Insufficient
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TEHRAN – Iran Hails European Barter System But Says Its Insufficient. The Islamic Republic of Iran, on Monday, welcomed the new European barter system which by-pass US sanctions. However, it says that this was still insufficient.

According to details, Iran hailed this step as a good omen. Meanwhile, Britain, France and Germany said last week they had carried out the first transaction through the Instex mechanism. It was to deliver medical supplies to Iran, which is under affect by the coronavirus pandemic.

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The first official reaction to the development was from Iran’s foreign ministry spokesman Abbas Mousavi. He said in a televised news conference that the transaction had involved “a few hundred thousand euros. We see the launch of Instex as a good omen. But the Islamic Republic of Iran expects for Europeans to fulfil the rest of their commitments. In various fields such as, banking, energy, insurance.

Iran has struggled to stop the spread of coronavirus which has claimed 3,600 lives and infected 58,000 in the country. Calls have mounted for US to ease its sanctions on Iran so that it can adequately respond to the COVID-19 crisis. Washington reimposed crippling sanctions on Tehran in May 2018 after withdrawing from an international deal that put curbs on its arch enemy’s nuclear programme.

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Instex functions as a clearing house and allows European companies to trade with Iran without exposing themselves to the consequences of US sanctions. It is designed to be open to other companies, particularly from China or Russia, which are also party to the 2015 nuclear agreement.

Iran Hails European Barter System But Says Its Insufficient.

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