21 October 2019

EU should either buy oil from Iran or create financial channel

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The EU should either buy oil from Iran or create a financial channel for purchase of the Iranian oil, Governor of the Central Bank of Iran Abdol Nasser Hemmati told reporters after the meeting of the Cabinet of Ministers. reports citing IRNA.

He stated that SATMA is the system of INSTEX financial mechanism that will operate in Iran. He added that through this system, Iran is fully prepared to trade with Europe.

Referring to the latest situation in the foreign exchange market, he denied the rumors about the abolition of the Forex Management Integrated System, locally known as NIMA, and said that the system will not be abolished.

He added that the foreign currency exchange rate set by the NIMA system is closer to the exchange rate in the black market.

The US announced its withdrawal from the Joint Comprehensive Plan of Action in May 2018. Three European signatories of the agreement including France, Germany and the UK (shortened as E3) officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions in the trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.

Iran declared that in turn, it created a system called SATMA, which will work according to this mechanism. However, this mechanism has not started operating yet.

2019.06.19 / 20:32
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