Q : More than two months after the announcement and creation of INSTEX to facilitate trade with Iran, do you have an idea when this mechanism will be operational?
France, Germany and the United Kingdom created the INSTEX financial compensation mechanism, which is an innovative, unprecedented and Europe-wide mechanism.
Our three countries have initiated the technical and legal work needed to implement the mechanism, in coordination with the European External Action Service. This work is continuing with a view toward ensuring its implementation as swiftly as possible.
Iran, which has just legally established a mirror-image version of the mechanism, must also carry out work to make the mechanism operational. In-depth discussions with Tehran have been initiated on the conditions that will allow the two structures to operate in a way that is compatible and is in conformity with international financial standards.