By Press TV
June 21, 2019 "Information
Clearing House" -
Russia has signaled its willingness to
secure Iran's interests in the oil and
banking sectors if Europe's non-dollar
mechanism aimed at facilitating trade with
the Islamic Republic is not launched.
Russian Deputy Foreign Minister Sergei
Ryabkov said on Friday that Moscow is ready
to help Iran export its crude and ease
restrictions on its banking system if Europe
fails to launch its mechanism, officially
called the Instrument in Support of Trade
Exchanges (INSTEX), with Tehran.
The three European signatories to the 2015
nuclear agreement, officially known as the
Joint Comprehensive Plan of Action (JCPOA),
unveiled late in January the long-awaited
direct non-dollar payment mechanism meant to
safeguard their trade ties with Tehran
following the US withdrawal from the nuclear
deal and in the face of the "toughest ever"
sanctions imposed by the United States
against the Islamic Republic.
In its initial stage, INSTEX will facilitate trade of humanitarian goods such as medicine, food and medical devices, but it will later be expanded to cover other areas of trade, including Iran’s oil sales.
However, it has not resulted in any trade deals so far.
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