Thursday, October 6, 2022

Iran’s SATMA, EU’s INSTEX to Do First Transaction Soon

Iran’s special financial channel for trade with European countries under the US sanctions known as SATMA, and its European counterpart INSTEX are ready to do their first transaction in coordination with banks of the two sides.

The CEO of SATMA, Ali Asghar Nouri, announced that after the establishment and registration of SATMA, and according to the meetings held with the European countries and the European company INSTEX, the first financial transfers between Iran and Europe will be carried out in coordination with both sides and banks in Iran and Europe.

“In the talks with the European side, Iran announced it is prepared to work on the mechanism and receive payments, emphasising the importance of speeding up the financial channel’s implementation process.”

Coordination meetings are held with Iranian banks and a series of meetings will be held next week to introduce mechanisms to Iranian exporters and importers, underlined Nouri.

The central bank and other banks are continuing their efforts to accelerate the process.

Director of the Instrument in Support of Trade Exchanges (INSTEX) Per Fischer on Monday voiced the company’s readiness for undertaking first transaction with Iran at the earliest.

In a meeting with the British commercial companies and officials in London, he presented an explanation on the function of the system and addressed concerns of the British companies in doing business with Iran.

Iran’s Ambassador to London who attended the meeting wrote in his Twitter account that Fischer announced that despite challenges, INSTEX is seriously seeking to conduct first transactions with its Iranian counterpart SATMA.

Earlier, Germany, France and the UK set up the payment channel with Iran to help continue trade and circumvent US sanctions.

Washington has cautioned EU nations against such moves. After repeated delays in launching the system Iran is criticising the European party for being pressured by the US.

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