Iran Underlines Need for Financing INSTEX through Oil Exports to Europe
Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati underlined the need for the EU to purchase Iranian crude to finance the Instrument in Support of Trade Exchanges (INSTEX).
Hemmati wrote on his Instagram page on Sunday that to sustain normal operation, INSTEX should not act as a channel within the framework of the US sanctions rules, and should be a channel operating under the nuclear deal and all transactions allowed under the agreement should be possible through the mechanism.
He added that although the INSTEX may first include unsanctioned goods, it should cover all commodities at a later stage.
"Its (financial) resources should be provided through oil exports to Europe and if Europe faces temporary restriction to buy crude from Iran, a long-term credit line with oil futures return is a temporary solution which can be studied. The Europeans have also in their negotiations hinted at a similar solution," Hemmati said.
He also added that INSTEX contributes a limited share to the CBI's strategy in the currency market.
His remarks came after the remaining signatories to the nuclear agreement met in Vienna on Friday at a nuclear deal Joint Commission meeting in a last-ditch effort to save the agreement.
After the meeting, Iranian Deputy Foreign Minister Abbas Araqchi described the event as "a step forward" but explained that the progress was still not "meeting Iran’s expectations".
He said that the Europeans had confirmed that the planned INSTEX trade mechanism is now “operational” and that first transactions are already processed, but added that it was still insufficient because European countries were not buying Iranian oil.
source: Fars News Agency
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
