https://www.euractiv.com/section/global-europe/news/eus-instex-mechanism-facilitates-first-transaction-with-pandemic-hit-iran/?fbclid=IwAR0Isq677PB3wo_ePLeQWrUxSCuWRjogy7liaEkNsKnTZMqidwh0qIfrQ-o The EU-Iran trading mechanism INSTEX, designed to allow Europeans to bypass US sanctions and continue trade with Tehran, has successfully concluded its first transaction. However, the humanitarian deal actually doesn’t appear to contravene EU sanctions.
France, Germany and the UK confirmed on Tuesday (31 March) that INSTEX has successfully concluded its first transaction to facilitate the export of medical goods from Europe to the pandemic-hit country.
Iran’s economy has been battered since May 2018 when US President Donald Trump unilaterally withdrew the US from the 2015 nuclear deal, the Joint Comprehensive Plan of Action (JCPOA) – signed by Iran, China, France, Germany, Russia, UK, US, Germany – and reimposed sanctions on Tehran.