The European signatories to the 2015 #Iran nuclear deal formally announce the launch of a long-awaited direct payment mechanism meant to safeguard their trade ties with Tehran in the face of the “toughest ever” American sanctions.
Following months-long preparations, foreign ministers of France, Germany and Britain finally unveiled the mechanism — officially called the Instrument in Support of Trade Exchanges (#INSTEX) — on Thursday following a summit in Bucharest.
“France, Germany and the United Kingdom, in accordance with their resolute commitment and continued efforts to preserve the Joint Comprehensive Plan of Action (#JCPOA) endorsed by United Nations Security Council resolution 2231, announce the creation of INSTEX SAS (Instrument for Supporting Trade Exchanges), a Special Purpose Vehicle (#SPV) aimed at facilitating legitimate trade between European economic operators and Iran,” the three foreign ministers said in a joint statement,” they said in a joint statement.
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