Russia will help Iran with oil, banking if payment channel not launched | WHAT REALLY HAPPENED

Russia will help Iran with oil, banking if payment channel not launched

Russia has signaled its willingness to secure Iran's interests in the oil and banking sectors if Europe's non-dollar mechanism aimed at facilitating trade with the Islamic Republic is not launched.

Russian Deputy Foreign Minister Sergei Ryabkov said on Friday that Moscow is ready to help Iran export its crude and ease restrictions on its banking system if Europe fails to launch its mechanism, officially called the Instrument in Support of Trade Exchanges (INSTEX), with Tehran.

The three European signatories to the 2015 nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), unveiled late in January the long-awaited direct non-dollar payment mechanism meant to safeguard their trade ties with Tehran following the US withdrawal from the nuclear deal and in the face of the "toughest ever" sanctions imposed by the United States against the Islamic Republic.

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