January 18, 2021
1 min read

US sanctions hinder trade with EU: Iran

The CBI statement came after Germany on Saturday blamed Iran for the failure of the EU-initiated payment system….reports Asian Lite News

The Central Bank of Iran (CBI) said that the European Union (EU)-initiated payment system did not work because its operation was under the influence of US sanctions.

The system, known also as the Instrument in Support of Trade Exchanges (INSTEX), is a mechanism set up by France, Germany and the UK in January 2019 to facilitate trade with Iran by skirting the US anti-Tehran sanctions, reports Xinhua news agency.

The INSTEX channel was basically designed to save the Iranian nuclear deal, internationally known as the Joint Comprehensive Plan of Action (JCPOA), after the US pullout in 2018, the CBI said in its Twitter account on Sunday.

But the mechanism failed to work because Europeans did not have the courage to exercise their national and independent economic power, the Bank added.

The European countries found no way to finance the INSTEX channel either, it added.

The CBI statement came after Germany on Saturday blamed Iran for the failure of the EU-initiated payment system.

Also read:‘JCPOA is alive because of Iran and not E3’: Javad Zarif

Previous Story

Afghan-Taliban negotiations resume after delay

Next Story

UK plans to protect historic monuments

Latest from -Top News

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist

Vatican Hosts Final Rites for Pope Francis

The Argentine-born pontiff, the first from Latin America, died less than a month after returning home from a prolonged five-week hospitalisation for double pneumonia….reports Asian Lite News In an outpouring of global

US Backs India’s Hunt for Pahalgam Terrorists

Gabbard’s “hunt down” message comes amidst escalating Indian response to the terrorist attack, saying it had clear “cross-border” links to Pakistan….reports Asian Lite News Tulsi Gabbard, Director of National Intelligence (DNI), on
Go toTop