The president of the European Union’s financial mechanism for trade with Iran known as the Instrument in Support of Trade Exchanges (INSTEX) has traveled to Tehran to hold talks with senior Iranian officials on ways to make the mechanism operational.
“E3 (Britain, France and Germany) Heads of Missions welcome INSTEX’s president, Per Fischer, to Tehran,” the French Embassy in Tehran said on its official Twitter account on Monday night.
“Important step to discuss with Iranian counterparts how to make the EU-Iran trade mechanism operational!” the embassy added in its tweet.
INSTEX is based in Paris and managed by the German banking expert Per Fischer.
The three European countries that are signatories to the 2015 Iran nuclear deal are reportedly going to use the channel initially only to sell food, medicine and medical devices in Iran.
In May 2018, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
Following the US withdrawal, Iran and the remaining parties launched talks to save the accord.