Irna News Agency

If INSTEX is opened up to a third country, many countries would most probably be able to use the protected channel for financial transaction with Iran, Mikhail Ulyanov Russian Permanent Representative to the UN Office and Other International Organizations in the Austrian capital, Vienna, said.

He made the remarks in an exclusive interview with the Moscow-based RIA Novosti news agency.

The official said that establishment of INSTEX shows Germany, France and the UK commitment to defy the US' hostile policies.

Europe wants to secure the interests of its companies, which are keen to trade with Iran in spite of the US' sanctions, he added.

Following the US' withdrawal from Iran nuclear deal, the EU took stance against the move by undertaking projects to help preserve the international pact.

By implementing the Blocking Statute, the EU companies’ compliance with the US foreign sanctions was annulled.

In a news meeting in Bucharest late Thursday, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism, known as INSTEX.