Russian Foreign Minister Sergei Lavrov has stated that the INSTEX mechanism is less effective than originally planned, and that Moscow supports Iran's demand to include oil provisions.
"As far as I understand, it [INSTEX] is much less effective than it was planned, much less comprehensive. For Iran it is important that it allows to export Iranian oil, we support it, this is an absolutely legitimate requirement, which is enshrined in the JCPOA [Joint Comprehensive Plan of Action]. Even so far, the limited mechanism created by the Europeans has not begun to work. We urge them to draw conclusions from the current situation and begin to fulfill their obligations in full", Lavrov said.
Since the US withdrew from the Joint Comprehensive Plan of Action (JCPOA) last year, Washington has reinstated sanctions against Iran, targeting mainly its oil sector.
In light of this, these countries agreed that a special mechanism, dubbed the Instrument in Support of Trade Exchanges, would be created to facilitate trade between companies and Iran amid the sanctions by Washington.