Foreign Minister Mevlut Cavusoglu said on Wednesday Turkey is looking into estab...
ANKARA - Foreign Minister Mevlut Cavusoglu said on Wednesday Turkey is looking into establishing new trade mechanisms with Iran, like the INSTEX system set up by European countries to avoid U.S. sanctions reimposed last year on exports of Iranian oil.
Those sanctions followed President Donald Trump’s decision to withdraw unilaterally from a 2015 nuclear accord between Iran and six world powers to pressure Iran to curtail its nuclear program and stop backing militant proxies in the Middle East. “Along with the existing mechanisms, we evaluated how we can establish new mechanisms, like INSTEX...how we can remove the obstacles before us and before trade,” Cavusoglu told a news conference after talks with his Iranian counterpart Javad Zarif.France, Germany and Britain have opened a new channel for non-dollar trade with Iran to avert sanctions, dubbed The Instrument In Support Of Trade Exchanges .
Iran has threatened to pull out of the deal unless the European powers enable it to receive economic benefits. The Europeans have promised to help companies do business with Iran as long as it abides by the deal.
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