Germany, France, UK send medical goods to Iran despite sanctionsChristian Fernsby ▼ | March 31, 2020
UK, Germany and France circumvented Iran sanctions using the Instrument in Support of Trade Exchanges (INSTEX) for the first time to send medical goods to Iran on Tuesday morning, in the wake of the cornavirus pandemic.
Iran Tehran hospital
Topics: Germany France Iran sanctions UK
INSTEX, the Iran sanctions-busting mechanism, which allows non-U.S. dollar and non-SWIFT transactions with Iran, was established in January of 2019 and is headquartered in Paris. Belgium, Denmark, Netherlands, Finland and Sweden are also party to it.
The German Foreign Office added that INSTEX is a way to allow for trade between Europe and Iran and preserve the JCPOA nuclear deal between Iran and world powers. The U.S. pulled out of the deal in 2018, instituting sanctions due to the Islamic Republic’s continued funding of terrorism and development of ballistic missile capabilities.
"INSTEX and its Iranian counterpart STFI [Special Trade and Finance Instrument] will work on more transactions and enhancing the mechanism," the statement reads. In addition, Switzerland has been operating a humanitarian and medical channel to Iran since February. ■