Several European countries, the United Kingdom, Germany, and France, have developed the common trade mechanism –  the Instrument in Support of Trade Exchanges (INSTEX). The mechanism is intended for regulating trade relations with Iran. The countries took this decision at the meeting of the joint international committee in Vienna.

A launch of INSTEX was announced during a meeting between officials from Iran and the UK, Germany, China, Russia, and France . Reportedly, some trade deals have already been conducted through this instrument. INSTEX is available to all countries of the European Union. Later on, other non-EU states will be able to use this mechanism to trade with Iran despite the US sanctions. 

However, the new mechanism cannot be applied for oil trade, Russia’s Deputy Foreign Minister Sergei Ryabkov said. At the same time, Bloomberg reported that the United States threatened to impose sanctions on INSTEX and its creators.