Europe creates Iran trade mechanism to bypass US sanctions

Open source

France, Germany and Britain, on Thursday launched a special EU mechanism that will allow European companies to bypass US sanctions on oil trade with Iran, DW reports.

The new institution, called INSTEX is already registered: its task is to revive trade with Tehran, create a payment channel for settlements with Iran after the restoration of the US sanctions regime. Now, European companies that seek to work with Iran will pay for this through an intermediary who also will not pay funds directly to Iran, but will write off Iran’s debt for goods purchased in the EU and services.
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