INSTEX Failed Because Europeans Weren’t Brave Enough: Iran

No Legal Verdict against Iranian Banks in Bahrain: CBI Official

The Central Bank of Iran (CBI) says the European financial mechanism known as the Instrument in Support of Trade Exchanges (INSTEX) has failed to fulfill its objectives.

The CBI noted the reason why INSTEX was unsuccessful was that the Europeans were not brave enough.

“INSTEX failed to work because the European countries did not have enough courage to exert their independent and national economic power; moreover, they found no way to finance INSTEX,” said the CBI’s Public Relations Office.

“Obviously, Iran is not prepared to replace its financial resources simply to preserve the European channel and import goods which it is able to procure through other channels as well,” the CBI added.

The comments came after the German foreign ministry announced that that INSTEX had been highly ineffective.

INSTEX was basically aimed at facilitating transactions with Iran in currencies other than the US dollar and using systems other than SWIFT amid US sanctions.

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.


Please enter your comment!
Please enter your name here