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Turkey, China, Russia to join INSTEX - Iran's official

18 June 2019 [11:27] - TODAY.AZ

By Trend

Joining Turkey, China and Russia to European Special Financial Mechanism known as INSTEX in on the agenda, the Iran's government spokesman announced. Referring to the attack on oil tankers in Oman Gulf, Iran Government spokesman said that Foreign Minister Zarif already responded to suspicious movements.

“We would not have any interest in such movement; I am pleased to hear that even some US security experts are skeptical and question Iran's interference,” said Ali Rabiee on press conference on June 16, Trend reports citing IRNA.

Stability of the region is in our interest, and any incident in the region would have negative effect on the price of oil, he added

Referring to the separation of the industry, trade and mining sectors from the Ministry of Industry, he said that it should be approved by the parliament's decision.

Pointing to the FATF related bills ratification issue, he noted that all of the country allies request that Iran move in the direction of transparency.

“If we cannot move in this direction, it will be a matter of cutting off banking co-operation with the world,” he said. “These remained bills are vital. Of course, the Council and the parliament have legal authority, but it is in the interest of the people to pass these bills.”

Iran has been called upon to ratify CFT and Palermo as part of the requirements to join the global anti-money laundering watchdog. The Paris-based Financial Action Task Force (FATF) has urged Iran to fix its anti-money laundering and terrorism financing rules or face increased international scrutiny of its banks until June.

The Expediency Council (EC) addressed the ratification of two controversial bills on Iran’s accession to FATF on June 16.

Speaking about economic aspects of Japanese Prime Minister Shinzo Abe's visit to Tehran, he stated that it was "essential." "Japan announced its readiness to increase bilateral relations,” said Rabiee.

He went on to announce that Turkey, China and Russia would join this mechanism, and expressed hope that more countries join INSTEX.

On January 31, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.


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