German minister upbeat on Iran trade vehicle before Rouhani talks
Written by: Actualité à la Une

Tehran - All the formal requirements for a European payment system for barter-based trade with Iran designed to circumvent U.S. sanctions are now in place and it should be operational soon, German Foreign Minister Heiko Maas said in Tehran on Monday. Maas is in Iran to meet President Hassan Rouhani and his Iranian counterpart, Mohammad Javad Zarif, as part of a European effort to salvage Iran’s nuclear pact with world powers and defuse rising U.S.-Iranian tension.

“This is an instrument of a new kind, so it’s not straightforward to operationalize it,” Maas told reporters. “But all the formal requirements are in place now, and so I’m assuming we’ll be ready to use it in the foreseeable future.” In an effort to protect at least some of Iran’s economy from sweeping U.S. sanctions and keep alive a nuclear deal after Washington quit, France, Britain and Germany have set up a special-purpose vehicle called Instex. (With Reuters)