Kremlin spokesman Dmitry Peskov said that Moscow is closely following the INSTEX issue, stressing its importance.
"This is an important project that aims to protect the interests of European economic operators amid illegal attempts to restrict their activities by third countries", he stated.
The spokesman also noted that after the system successfully comes into effect, Russia may consider joining the project.
INSTEX was formally launched by France, Germany and the United Kingdom to facilitate trade with Tehran after the US withdrew from the Iranian nuclear deal and reinstated sanctions against the Islamic Republic.
EU countries said the mechanism will initially deal with food and medicine, while Tehran has sought for oil trade to be included, as Washington is targeting the Iranian oil industry with its restrictions.