According to a statement from the UK government, the participating nations in the joint mechanism for settlements with Iran (INSTEX) agreed to end it.

The ministry announced the dissolution of INSTEX on its website, stating that « ten INSTEX participants – Belgium, Finland, Germany, the Netherlands, France, Spain, Norway, Sweden, Denmark and the United Kingdom » had made their decisions.

Iran has « systematically opposed » INSTEX’s efforts to pursue its humanitarian goals, and it has only once consented to export medical supplies from the EU, according to the explanations given.

It stated that « INSTEX participants have concluded that there is no longer any justification for INSTEX to continue » due to Iran’s steadfast refusal to cooperate with the company.

The statement claims that the decision to dissolve was taken on March 9 at an extraordinary general meeting.

source: gov.uk