Code: 727816 A

Iran's Minister of Roads and Urban Development Mohammad Eslami announced that the country is going to buy a number of aircrafts.

Eslami refused to answer whether the desired aircrafts are new or second-hand, saying that "there are no new or second-hand aircraft; they are very good planes."

According to Trend news, on February 2, Iran Air CEO Farzaneh Sharafbafi, pointing out that the company had been working on a special channel for aircraft purchase before the INSTEX (Instrument in Support of Trade Exchanges).

"I hope, that along with that, the financial channel for aviation will also be launched," he said at the time.

INSTEX (Instrument in Support of Trade Exchanges) is a mechanism, created to facilitate non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.

On Jan. 31, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.

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