Germany said on Monday that “all the formal requirements are in place” for Instex, a European payment system that will allow for indirect trade between Iranian firms and companies from other countries using a currency other than the dollar as a way of circumventing US sanctions on the country. Germany assumes that Instex will become operational “in the foreseeable future.”
European countries want Instex to work in order to keep Iran committed to the 2015 Iran nuclear deal that was abandoned by the US under President Trump. Iran said that it “will cooperate with EU signatories of the deal to save it.” The European signatories are Britain, France and Germany. The countries have been working on Instex for months.
Read more: System to circumvent US sanctions on Iran ready soon: German FM
