– The Europ Union council announced its Iran conclusion report just the other night stressing on concerns they have with regards to the country’s actions in the region as well as positive steps that have been taken so far. The most important points of this statement are as below:
– After the official inauguration of Europ Union’s Iran related SPV (INSTEX) there were rumours that EU members obliged Iran to join the CFT convention in order for the vehicle to be pragmatic. A thorough read of EU statements show that Iran is only expected to adhere to JCPoA clauses, however,
– On Friday and after a long period of delay, EU members officially announced the inauguration of their Iran related SPV, named INSTEX. Foreign ministers of UK, France and Germany noted that the INSTEX is to engage in trades of humanitarian goods at first yet it will grow into sanctioned trades after a while.
– After EU reneged on the announcement of the official inauguration of Iran related SPV due to an apparent disagreement between Italy and Spain, now the German foreign affairs minister told the press (by unconfirmed sources) this structure will only cover trades of goods that are not sanctioned by the united states. This is, if true, in direct violation of the SPV ultimate goal to circumvent the US sanctions after its withdrawal from JCPoA. The FX and gold coins markets reacted to this news fast and once again went rogue in price hikes.
– Securities and Exchange Organization gave the green light on the issuance of a new round of Sukuk Al-Intifa’a for a private corporation active in Iran oil sector. Saba Arvand Oil & Gas Development Co. will issue these securities backing up by 4 years of oil sales proceeds over 11 rigs.
– In its latest meeting today, Iran’s Expediency Discernment Council did not make a decision on the two remaining FATF related amendments and once again the future of joining the CFT convention is in deep grey. As the last FTAF deadline closing in, the political pressure of not ratifying the amendments weighed in largely on all investment parallel market left investors with more ambiguities than before. The council delayed discussions up until its next meeting.
– The chair of Iran-Switzerland chamber of commerce announced that the promised dedicated financial line between two countries for the purpose of pharma exports has been activated and is now waiting for an injection of funds from Iran’s side. Stressing on the fact that as of now there are no funds in EU belongs to Iran, he added if and when Iranian funds flow from Asia to Europe, the financial line would act instantly, however, the transfer of funds need the approval of the US first. The Switzerland government will probably use BCP bank to carry out the transactions.
– Reported by Euronews, the EU foreign affairs council (FAC) has decided yesterday to implement long-awaited “Iran dedicated SPV” aiming to circumvent the US sanctions and make path clean for European firms to do business with Iran in less than a week. EU members held a meeting in Brussels just the other day and made final calls in that regard. This could have massive effects on Iran FX market and if follows by the ratification of FATF related amendments, it could prevent complete isolation of the nation from the outside world.
– On its latest report, Thompson Reuters claimed that during the last two months of 2018 Iran has exported less than 1 mn barrels of crude per day (Iran Oil Sales down). This is while that two major importers of Iranian oil, Japan and South Korea, just started their imports again after the US exemptions. Below picture has the details:
– Following the goal of making Iran Capital Market reach in trading instruments and after the successful launch of selected index futures, now the Tehran Stock Exchange is to host real put/call options on a test run and for Isfahan Oil Refinery (PNES) anytime soon.