Six more countries join Trump-busting Iran barter group

Reuters – Dec 1, 2019

Paris, London and Berlin on Saturday welcomed six new European countries to the Instex barter mechanism, which is designed to circumvent US sanctions against trade with Iran by avoiding use of the dollar.

“As founding shareholders of the Instrument in Support of Trade Exchanges (Instex), France, Germany and the United Kingdom warmly welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway and Sweden, to join Instex as shareholders,” the three said in a joint statement.

The Paris-based Instex functions as a clearing house that allows Iran to continue to sell oil and import other products or services in exchange.

The system has not yet enabled any transactions.

Washington in 2018 unilaterally withdrew from the international agreement governing Iran’s nuclear programme and reinstated heavy sanctions against Tehran.

The addition of the six new members “further strengthens Instex and demonstrates European efforts to facilitate legitimate trade between Europe and Iran,” the joint statement said.

It represents “a clear expression of our continuing commitment to the Joint Comprehensive Plan of Action” – the 2015 Iranian nuclear deal – the trio added.

They insisted Iran must return to full compliance with its commitments under the deal “without delay”.

“We remain fully committed to pursuing our efforts towards a diplomatic resolution within the framework of the JCPoA.”

The 2015 deal set out the terms under which Iran would restrict its nuclear programme to civilian use in exchange for the lifting of Western sanctions.

Since the US pullout, Iran has taken four steps back from the accord.

The latest was on 4 November, when its engineers began feeding uranium hexafluoride gas into mothballed enrichment centrifuges at the underground Fordow plant south of Tehran.

Source

2 responses to “Six more countries join Trump-busting Iran barter group”

  1. ‘full expression of commitment’ – legally means absolutely nothing – in mind only not by deed. It is the same as ‘ using best endeavours’ or ‘best efforts’ all mealy mouthed terms.

  2. @ tresmegistus:

    You may be right, but the real test will be if the Big 3 (Germany, France and Gross Britannia) join with Russia and China in the Shanghai Cooperation Organization (SCO). This SCO is setup already to bypass the US Dollar and SWIFT. Then if Europe’s Big 3 join, the rest of the EU will follow the lead. Thus bypassing the US Dollar and the Dollars will end up in the USA, where all that money will cause HyperInflation (Weimar Germany). So welcome the wheelbarrow full of money to buy bread. Better as wallpaper! This is the real goal of INSTEX and sends a signal to Trump!