April 24
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Eight European countries joined the financial settlement mechanism with Iran INSTEX, said Russian permanent representative to international organizations in Vienna, Mikhail Ulyanov.

“8 European states joined #INSTEX- mechanism aimed at facilitation of trade relations with Iran under US sanctions. Many in Iran are sceptical and have reasons for that. However it’s too early to dismiss this initiative. It will hardly meet high expectations but remains helpful,” he tweeted.

The INSTEX mechanism was created by the UK, France and Germany to ensure banking operations in Europe with Iran under the conditions of US sanctions. The EU announced the start of its work on June 28. On July 17, Russian Foreign Minister Sergey Lavrov noted that several million dollars worth of transactions had passed through INSTEX, although this is negligible.

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