News

After more than one year of preparation and in the face of American opposition, Instex, the European Union's "special purpose vehicle" for processing payments tied to Iran-related trade amid an increasingly daunting minefield of U.S. sanctions, has finally been put to use. The Instrument in Support of Trade Exchanges, which France, Germany and the U.K. pledged to develop after the White House withdrew from a nuclear accord and renewed sanctions against Iran in 2018, aims to prompt European firms to conduct limited trade with the country by eliminating the direct involvement of Iranian banks and businesses from transactions they fear...