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4/17, 1:16 PM (Source: TeleTrader)
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Turkey plans to trade with Iran despite US sanctions - Cavusoglu

Turkish Foreign Minister Mevlut Cavusoglu (pictured right) said on Wednesday that Ankara believes the United States sanctions against Iran are "wrong" and intends to continue trading with Tehran despite the measures. Cavusoglu noted that Turkey is looking into setting up new mechanisms similar to the one introduced by European Union countries in order to enable trade wtih Iran.

"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," Turkey's top diplomat said at a joint press conference with his Iranian counterpart Mohammad Javad Zarif​ (pictured left). "What is important here is the solidarity and determination between us," Cavusoglu stressed.

In January, Germany, France and the United Kingdom announced the creation of a special payments link called INSTEX (Instrument in Support of Trade Exchanges) that will enable European companies to resume doing business with Iran in spite of the latest US embargo introduced in November. However, the US insisted the trade mechanism will not affect Washington's maximum pressure campaign on Tehran.

Breaking the News / NP