First Instex Transaction With Iran Takes Place Successfully
The first transaction within the framework of a joint mechanism for settling with Iran Instex, intended to bypass US sanctions, took place ass a consignment of medical supplies was sent to Iran, reads a statement from the German Foreign Affairs Ministry.
« France, Germany and the United Kingdom confirm that the first transaction was successfully completed through INSTEX, which made it possible to export medical goods from Europe to Iran. These products arrived in Iran, » the statement read.
It is noted that after the first transaction, INSTEX representatives will continue to work with the Iranian organization STFI on further transactions in order to develop this settlement mechanism.
In 2015, the big six (Great Britain, Germany, China, Russia, the USA, France) and Iran announced the achievement of the Joint Comprehensive Plan of Action. The agreement provided for the lifting of sanctions in exchange for limiting Iran’s nuclear program. The deal in its original form did not last long: in May 2018, the United States announced a unilateral withdrawal from it and the restoration of stringent sanctions against Tehran.
The EU countries then announced their intention to compensate Iran for losses from re-imposing US sanctions and to ensure the possibility of trade bypassing US restrictions. France, Germany and the United Kingdom decided to create a joint mechanism for settlements with Iran (INSTEX). Iran announced a phased reduction of its obligations under the agreement.