PARIS (Le MOCI) — Questioned during a press briefing on the progress of the European Instex compensation mechanism, created by France, Germany and the United Kingdom to allow European companies to continue trading with Iran in certain authorised sectors despite the tightening of US sanctions, the spokesman for the French Ministry of Europe and Foreign Affairs remained rather vague.

Here is his answer:

Our three countries have begun the technical and legal work of implementation, in conjunction with the European External Action Service. This work continues to be carried out as soon as possible. Iran, which has just legally created its mirror mechanism, must also conduct the operationalization work. Extensive discussions with Tehran have been initiated on the conditions allowing the functioning of the two structures to be compatible and in line with international financial standards.