Turkey looking at new trade mechanisms with Iran to avoid U.S. sanctions

Reuters | April 17, 2019

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. Cavusoglu reiterated Turkey’s opposition to the sanctions and said Ankara and neighboring Iran needed to keep working to raise their bilateral trade to a target of $30 billion, around triple current levels. “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.

Spotlight

Mitt Romney, Sen. John McCain, and George W. Bush are among the GOP heavyweights who are at odds with presumptive republican nominee Donald Trump. CNN's Sunlen Serfaty reports.

Spotlight

Mitt Romney, Sen. John McCain, and George W. Bush are among the GOP heavyweights who are at odds with presumptive republican nominee Donald Trump. CNN's Sunlen Serfaty reports.

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