- Germany, France and Britain have officially set up a European mechanism to facilitate non-dollar trade with Iran.
- The Instrument in Support of Trade Exchanges will allow trade between the EU and Iran without relying on direct financial transactions.
- Instex will focus on humanitarian trade.
France, Germany and Britain have officially put in place a European system to help facilitate trade with Iran.
The move will allow the European Union to circumvent U.S. sanctions in an effort to continue humanitarian trade with Iran and work to uphold what is left of the Joint Comprehensive Plan of Action, commonly known as the Iran nuclear deal. U.S. sanctions went into place in November halting a significant portion of trade between Iran and its European partners.[To view the original article, click here.]
EU implements new Iran trade mechanism