Iran Economy NewsIranian Official: INSTEX Is a Beautiful Car Without Fuel

Iranian Official: INSTEX Is a Beautiful Car Without Fuel

-

INETEX is a special purpose vehicle Europe designed to continued financial and commercial transactions with Iran.

By Jubin Katiraie

The European Union’s special trade mechanism with Iran, aimed at bypassing U.S. sanctions is useless, according to the Iranian ambassador to the United Nations.

“INSTEX (Instrument in Support of Trade Exchanges) is a beautiful car without fuel,” Majid Takhtravanchi said.

In response to a question by a reporter, Takhtravanchi said he believes INSTEX is a beautiful car without fuel because in the current situation it is not enough for Iran.

On Friday, the European Union announced the launch of INSTEX and said the Europe’s financial instrument for Iran will begin transactions with Iran in the next few days. But at the same Iran’s deputy foreign minister Abbas Araghchi said it is insufficient for Iran.

Previously, a new agency affiliated with the Revolutionary Guards (IRGC) warned Hassan Rouhani’s government to not be deceived by the INSTEX ‘lollipop’ and back down in front of Europe.

INETEX is a special purpose vehicle Europe designed to continued financial and commercial transactions with Iran. This financial channel was registered in France in January 2019 under the acronym INSTEX. Transactions through INSTEX will be made in euros, but it will not transact money to Iran and will instead provide necessary goods not sanctioned by the U.S.

Latest news

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

How Internet Censorship Is Damaging Iran’s Economy

While in the last four months, internet access in Iran has been cut off or severely limited, the regime’s...

Must read

Iran Convention in Brussels urges EU support for ‘Third Option’

Iran Focus: Brussels, Apr. 25 – Some 2,000 delegates...

Iran Revolutionary Guards commanders huddle with President-elect

Iran Focus: London, Jul. 07 – In a meeting...

You might also likeRELATED
Recommended to you