While American sanctions complicate the fight of the Iranians against the Coronavirus, good news came from Europe on Tuesday March 31, 2020. For more than a year, and the implementation of American sanctions against Iran, the Europe and Iran were working on the establishment of a barter mechanism, called “INSTEX”, the aim of which is to divert US sanctions against Iran and continue economic exchanges. But INSTEX was slow to set up and constitute a sufficiently reassuring bulwark for industrialists and banks in Europe.
"France, Germany and the United Kingdom confirm that INSTEX successfully completed its first transaction and thus allowed the export of medical equipment from Europe to Iran," the German Foreign Ministry said in a communicated.
This first operation corresponds to medical equipment purchased by Iran (and not a “donation” as we have read here and there, note).
However, it could presage much wider economic exchanges, the German minister having specified that “INSTEX will work on other transactions” and “continue to develop this mechanism”.
Nodding from Europeans to Americans?
INSTEX was created in January 2019 by Europeans to circumvent the American sanctions imposed on Iran by avoiding the use of the dollar. INSTEX is to function as a clearing house allowing Iran to continue to sell oil and to import other products in return. He had so far allowed no transactions.
With this announcement, the Europeans are demonstrating a certain capacity to put their noses on their American “allies” who, under the leadership of President Donald Trump, have been opting for two years for the strategy of “maximum pressure” on the Iranian economy, following the exit of the USA from the Iranian nuclear agreement whose other signatories are the EU, China and Russia.
https://archive.md/hAzRt
While American sanctions complicate the fight of the Iranians against the Coronavirus, good news came from Europe on Tuesday March 31, 2020. For more than a year, and the implementation of American sanctions against Iran, the Europe and Iran were working on the establishment of a barter mechanism, called “INSTEX”, the aim of which is to divert US sanctions against Iran and continue economic exchanges. But INSTEX was slow to set up and constitute a sufficiently reassuring bulwark for industrialists and banks in Europe.
"France, Germany and the United Kingdom confirm that INSTEX successfully completed its first transaction and thus allowed the export of medical equipment from Europe to Iran," the German Foreign Ministry said in a communicated.
This first operation corresponds to medical equipment purchased by Iran (and not a “donation” as we have read here and there, note).
However, it could presage much wider economic exchanges, the German minister having specified that “INSTEX will work on other transactions” and “continue to develop this mechanism”.
**Nodding from Europeans to Americans?**
INSTEX was created in January 2019 by Europeans to circumvent the American sanctions imposed on Iran by avoiding the use of the dollar. INSTEX is to function as a clearing house allowing Iran to continue to sell oil and to import other products in return. He had so far allowed no transactions.
With this announcement, the Europeans are demonstrating a certain capacity to put their noses on their American “allies” who, under the leadership of President Donald Trump, have been opting for two years for the strategy of “maximum pressure” on the Iranian economy, following the exit of the USA from the Iranian nuclear agreement whose other signatories are the EU, China and Russia.
https://archive.md/hAzRt
(post is archived)