Paris, London and Berlin on Saturday welcomed six new European countries to the Instex barter mechanism, which is designed to circumvent US sanctions against trade with Iran by avoiding use of the dollar.
“As founding shareholders of the Instrument in Support of Trade Exchanges (Instex), France, Germany and the United Kingdom warmly welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway and Sweden, to join Instex as shareholders,” the three said in a joint statement.
The Paris-based Instex functions as a clearing house that allows Iran to continue to sell oil and import other products or services in exchange.
The system has not yet enabled any transactions.
Washington in 2018 unilaterally withdrew from the international agreement governing Iran’s nuclear programme and reinstated heavy sanctions against Tehran.
The addition of the six new members “further strengthens Instex and demonstrates European efforts to facilitate legitimate trade between Europe and Iran,” the joint statement said. [Continue reading…]