BRITAIN, GERMANY AND FRANCE CREATE CLEARING HOUSE FOR NON-USD TRADES WITH IRAN
February 1st, 2019
BRITAIN, Germany and France have established a clearing house to facilitate non-USD trades with Iran, to help European companies to do business without falling foul of tightened American sanctions against the Islamic Republic.
Based in Paris, and headed by former Commerzbank director Per Fischer, a German, the Instrument In Support Of Trade Exchanges (INSTEX) is owned by the three supporting governments.
The Iranian government is now expected to establish a counterpart special purpose vehicle to funnel its trade with Europe via INSTEX, whose operational ...
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