Ticker
Iran UN envoy calls EU response to US sanctions 'slow'
By EUobserver
Majid Takht Ravanchi, Iranian ambassador to the UN, told CNN Sunday the EU has been "rather slow" in setting up a payment system that allows companies to trade with Iran. The so-called INSTEX mechanism, operational since this weekend, was needed to circumvent US sanctions. "It took them more than a year to establish such a mechanism," he said, adding the mechanism was "a good thing but it is not sufficient".