Six European countries join barter system for Iran trade

Section:

From Agence France-Presse
via Yahoo News
Saturday, December 30, 2019

PARIS -- Paris, London, and Berlin today 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.

... Dispatch continues below ...


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The Paris-based INSTEX functions as a clearinghouse allowing 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 accession of the six new members "further strengthens INSTEX and demonstrates European efforts to facilitate legitimate trade between Europe and Iran," France, Germany, and Britain said. ...

... For the remainder of the report:

https://www.yahoo.com/news/six-european-countries-join-barter-system-ira...

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