Official: INSTEX carries out first deals, Russia, China want to join

VIENNA, Jul 29 (PRIME) -- INSTEX, a mechanism for non–U.S. dollar and non-SWIFT deals with Iran established by Germany, France and the U.K., has already conducted its first deals, and other E.U. states as well as Russia and China want to join, Russian Deputy Foreign Minister Sergei Ryabkov told reporters on July 28.

“INSTEX is working in a pilot regime, we need to finish some political and bureaucratic procedures to fill out some documents between it and the system created by the Iranians so that it works in full force. The countries are working closely on it now,” he said.

Moscow and Beijing are still fighting to open the mechanism for non-E.U. countries to export Iranian oil. Besides Russia and China, some E.U. countries also want to join the mechanism, he said.

“The main thing here is that the mechanism is not virtual, it really exists, and it already conducted its first operations,” he said.

End