Following a meeting between the countries who singed the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), which was ditched by US, French, British and German officials said the trade mechanism which was proposed last summer and called Instex, is now operational.ZH sees this as a major line-crossing toward independence from US imperialism. It's also a step away from the entire international BANKING system, which is the core of Deepstate.
As a reminder, last September, in order to maintain a financial relationship with Iran that can not be vetoed by the US, Europe unveiled a "Special Purpose Vehicle" to bypass SWIFT. The mechanism would facilitate transactions between European and Iranian companies, while preventing the US from vetoing the transactions and pursuing punitive measures on those companies and states that defied Trump. The payment balancing system will allow companies in Europe to buy Iranian goods, and vice-versa, without actual money-transfers between European and Iranian banks.
The European financial settlement mechanism (INSTEX), aimed at circumventing US sanctions against Iran, is working and transactions are already happening, according to Iran’s JCPOA envoy. ... On Friday, seven EU countries said in a joint statement they are working with Britain, France, and Germany on establishing trade channels to Iran, including “one of the foremost of these initiatives” – the Instrument in Support of Trade Exchanges (INSTEX).
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