[CA] INSTEX

Instrument In Support Of Trade Exchanges

It is a payment mechanism being setup by the European Union to secure trade with Iran and skirt US sanctions after Washington pulled out of the landmark nuclear deal last May.

Key features of INSTEX:

·        INSTEX will allow trade between the EU and Iran without relying on direct financial transactions.

·        INSTEX is registered at Paris with an initial 3,000 Euros in the capital and a supervisory board with members from France and Germany and chaired by the UK.

·        It is a project of the governments of France, Germany and Britain and will receive the formal endorsement of all 28 EU members.

·        It will initially be used for non-sanctionable trade, including humanitarian goods such as medicine, food and medical devices.