Iran’s oil minister said a European mechanism to shield some trade with his country from crippling U.S. sanctions won’t be useful if it doesn’t allow for oil sales, as efforts to preserve the unraveling nuclear deal face a looming deadline.
“Without oil deal, it’s very clear, Instex will not work,” Oil Minister Bijan Namdar Zanganeh said in a Bloomberg Television interview in Vienna on Tuesday, referring to the trade conduit established by the U.K., France and Germany.
