INSTEX: Europe Sets Up Transactions Channel With Iran

January 31, 2019

Publication: 

Deutsche Welle

Related Country: 

  • Iran

Germany, France, and the United Kingdom have created a payment channel to facilitate certain trade Iran despite U.S. sanctions. The "Instrument in Support of Trade Exchanges," or INSTEX is initially intended to sell food, medicine, and medical devices to Iran, with the possibility of expanding its scope in the future. INSTEX will help the EU meet its obligations to Iran under the Joint Comprehensive Plan of Action (JCPOA), according to German Foreign Minister Heiko Maas.