RFERL:

There has been yet another signal from Islamic Republic officials that Tehran does not pin high hopes on the trade mechanism offered by European powers to help Iran continue trade, despite U.S. sanctions.

The spokesperson of Iran’s foreign ministry, Bahram Ghasemi (Qassemi) told the local Young Journalists’ Club website on March 19 “You should not have hopes for the trade mechanism to do miracles”.

Germany, France and Britain offered the Instrument for Supporting Trade Exchanges (INSTEX) to Iran in January to help maintain limited trade, after the U.S. reimposed tough economic sanctions on Iran in 2018. The sanctions specially hit Iran’s banking sector hard, which practically cut off most trade, as transferring funds becomes impossible.

Per Fischer, a German banker, heads INSTEX, which is based in Paris.

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