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Six more countries join INSTEX

Six more countries join INSTEX

At present, it is rather difficult to carry out money transactions in some Asian countries because of particular geopolitical factors. However, six European countries have come to a joint decision that suits both Iran and governments of such countries as France, Germany, and the UK.
Paris, London, and Berlin welcomed six new European countries to the INSTEX barter mechanism. It is notable that France, Germany, and the UK are founders of this financial instrument. The project was launched at the beginning of the year as a response to the US sanctions imposed on Iran in order to stop oil exports from the Islamic republic. Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden are also ready to join INSTEX.
Moreover, governments of the countries emphasized the importance of implementation of Iran’s nuclear program known as the Joint Comprehensive Plan of Action. Earlier, the US also supported the agreement but then changed its decision. INSTEX is located in Paris and functions as a clearing house allowing Iran to sell oil and other products.
Experts suppose that INSTEX is an instrument of a high risk as the US threatens to impose sanctions on all countries that cooperate with Iran.

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