Iran hopes to have its part of a new payments vehicle — devised to bypass US sanctions — ready within a fortnight, Deputy Foreign Minister Abbas Araghchi said on Wednesday. “We hope it will be before the end of the Iranian calendar year,” Araghchi told reporters in Vienna, referring to March 20.
He said that Iran now had a “clearer picture” of how the new vehicle, known as INSTEX, would work and that its managing director would visit Tehran for discussions “very soon”.
But he added that only when the mechanism was fully operational would Iran be able to assess whether it “can work properly and can produce results, (and) can do payments between Iran and European countries”.
Araghchi was in the Austrian capital for a “joint commission” with representatives from China, Russia, Britain, Germany and France — all signatories of the international deal on Iran’s nuclear programme. Read More