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1/31, 7:34 PM (Source: TeleTrader)
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Germany, France, UK announce trade mechanism with Iran

The foreign ministers of the United Kingdom, France and Germany, Jeremy Hunt, Jean-Yves Le Drian and Heiko Maas officially announced on Thursday the creation of a special payments link called INSTEX (Instrument in Support of Trade Exchanges) that will enable European companies to resume doing business with Iran in spite of United States sanctions against the Islamic Republic.

"INSTEX will support legitimate European trade with Iran, focusing initially on the sectors most essential to the Iranian population — such as pharmaceutical, medical devices and agri-food goods", the foreign ministers of the UK, France and Germany said in a joint statement.

According to the statement, INSTEX will be conditioned on Iran's full implementation of its 2015 nuclear deal commitments, "including full and timely cooperation with the IAEA." The instrument will also expand to cover other non-EU European countries that want to trade with Iran, the diplomats confirmed. Meanwhile, the US State Department already said that special purpose vehicle will not affect Washington's campaign of maximum pressure on Tehran.

Breaking the News / FH