Jan 31, 2019 11:39 Asia/Tehran
  • European nations set up trade transactions channel with Iran

Germany, France and the UK have set up a payment channel with Iran called INSTEX, to facilitate business transactions with Iran, and circumvent US sanctions.

Iran Press/Europe: The three biggest EU member states, France, Germany, and UK, have officially set up a payment channel to facilitate business transactions with Iran and to circumvent US sanctions against Tehran.

INSTEX will be based in Paris and managed by a top German Banker.

According to an Iran Press report, the German television channel, NDR has announced that the special payment channel with Iran called INSTEX, has been officially launched by Germany, France, and Britain.

Britain will supervise and oversee this special payment channel. A diplomat from each of the three countries will be based at INSTEX headquarters in Paris. A German banker will head INSTEX.

According to NDR, initially foodstuffs, medicines, and medical equipment will be traded through INSTEX, but the list of items traded may be expanded and extended in due course.

Meanwhile, Iran's ambassador to London, Hamid Baiedinejad, has tweeted that the special payment channel to facilitate trade with Iran has been registered by Britain, France, Germany, and all three countries are 'joint owners' of this organization. 

INSTEX is short for 'Instrument in Support of Trade Exchanges'.

On May 8, the US president pulled his country out of the JCPOA, which was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany).

Following the US exit from JCPOA, Iran and the remaining parties launched talks to save the accord.

Earlier on December 3, 2018, Deputy Foreign Minister Abbas Araghchi said that other members of the G5+1 are now planning to compensate the US withdrawal from the internationally-recognized Joint Comprehensive Plan of Action (JCPOA) treaty. 103/211

 

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