• Latest
  • Trending
  • All
  • Essays
  • Reports and Analysis
INSTEX: Start of Financial Transactions between EU and Iran

INSTEX: Start of Financial Transactions between EU and Iran

6:01 PM - 2 April, 2020
Germany’s new approach to an EU asylum policy

Germany’s new approach to an EU asylum policy

2:10 PM - 6 June, 2023
The Sultan has won – European thoughts on election night

Publications Highlights – June 1

1:51 PM - 5 June, 2023
Intrigue and Uncertainty: Assad’s Return to the Arab League and the Future of the Middle East

Intrigue and Uncertainty: Assad’s Return to the Arab League and the Future of the Middle East

12:33 PM - 5 June, 2023
The Kremlin and political Islam

The Kremlin and political Islam

2:00 PM - 3 June, 2023
France: Blasphemy and criticism of Islam under scrutiny

France: Blasphemy and criticism of Islam under scrutiny

2:08 PM - 2 June, 2023
The Sultan has won – European thoughts on election night

The Sultan has won – European thoughts on election night

1:43 PM - 1 June, 2023
Appeasement with Assad: Arab “realpolitik” and European doubts

Appeasement with Assad: Arab “realpolitik” and European doubts

10:11 AM - 29 May, 2023
Publications Highlights – May 3

Publications Highlights – May 3

10:16 PM - 28 May, 2023

Why Kilicdaroglu seemed to be the winner of the Turkish Presidential elections and ended up loosing against Erdogan?

2:01 PM - 28 May, 2023
The Hijacked Faith: How Political Islamists Betray the Core Values of Islam

The Hijacked Faith: How Political Islamists Betray the Core Values of Islam

1:42 PM - 28 May, 2023
Türkiye’s political odyssey: Erdogan’s Legacy and the Road Ahead

Türkiye’s political odyssey: Erdogan’s Legacy and the Road Ahead

1:18 PM - 27 May, 2023
eign policy balancing act

Baerbock’s Gulf visit – a foreign policy balancing act

12:50 PM - 26 May, 2023
3:28 AM - 7 June, 2023
  • fr Français
  • en English
  • de Deutsch
  • ar العربية
  • Login
MENA Reseach and Study Center
No Result
View All Result
MENA Reseach and Study Center
No Result
View All Result
MENA Reseach and Study Center
No Result
View All Result

INSTEX: Start of Financial Transactions between EU and Iran

6:01 PM - 2 April, 2020
A A
INSTEX: Start of Financial Transactions between EU and Iran
192
VIEWS

The German Foreign Minister, Heiko Maas, confirmed on March 31, that Germany, France and the U.K. have conducted the first financial deal with Iran through the INSTEX mechanism for trade exchanges.

The German Foreign Ministry stated that some E.U. countries have delivered medical supplies to Iran in the first transaction, according to the INSTEX mechanism for commercial barter to dodge the U.S. sanctions imposed on Tehran.

“France, Germany and the United Kingdom confirm that INSTEX has successfully concluded its first transaction, facilitating the export of medical supplies from Europe to Iran, these supplies are now in Iran INSTEX and its Iranian counterpart STFI will work on more transactions and enhancing the mechanism,” the ministry added without providing further details.

A spokesperson of the Iranian Foreign Ministry has confirmed that Iran received medical supplies or financial aid from Germany, Azerbaijan, China, the United Arab Emirates, France, Britain, Japan, Qatar, Russia and Turkey.

At the end of January 2019, Germany, France and the U.K. established a new financial mechanism called INSTEX, attempting to prevent the collapse of the nuclear deal after U.S. President Donald Trump withdrew from the deal.

On establishing the mechanism, European officials stressed that INSTEX would only cover food and medicine, but Iran insisted on expanding the scope of the mechanism to include broader financial and reciprocal operations that might be reflected positively on the indicators of Iranian economy.

The EU did not go beyond its focus on supply channels, and this might explain the Iranian discontent with the mechanism and criticizing E.U. officials.

The former EU High Representative Federica Mogherini said shortly after enacting the financial mechanism that it aims to allow E.U. companies dealing more freely with Iran in terms of goods, and including those subject to sanctions; and if the plan succeeds, it is likely to be more beneficial for small and medium companies that have no ties or branches in the U.S.

“Even if it’s limited, the INSTEX mechanism could eventually pave the way for something more ambitious,” Esfandiar Batmangilideg, the founder of the Europe-Iran Forum said.
Based in Paris, Instex operates as a clearinghouse, allowing Iran to continue exchanging its oil for other products or services necessary for its economy.

In addition to the founding countries, France, Britain and Germany, the countries of Belgium, Denmark, Finland, Norway, the Netherlands and Sweden have joined the mechanism.

It’s noteworthy that in 2018, Washington withdrew from the nuclear deal struck between Tehran and major countries, reimposing harsh sanctions on the Iranian Republic.

Earlier, France, Germany, and UK confirmed that the interest in joining the INSTEX barter mechanism is evidence of EU’s efforts to facilitate legitimate trade exchange between EU and Iran, highlighting EU’s adherence to the nuclear agreement concluded with Iran in 2015.

They stressed that “Iran should immediately abide by all its pledges” in the nuclear agreement, especially stopping enriching uranium by prohibited rates.

In this context, the U.S. news agency Bloomberg commented on these developments saying: “Creating a European trade channel with Iran is the key to E.U. efforts to save the nuclear agreement concluded in 2015, after the withdrawal of U.S. President Donald Trump from it, and what followed of negative effects on Tehran’s economy.”

“The UK, France and Germany’s pushing to enhance trading with Iran is another sign of European discontent with the U.S. President,” according to Bloomberg.

All publishing rights and copyrights reserved to MENA Research and Study Center

Tags: Iran

Related Posts

Europe Monitor No. 1 in 2023
Podcast

Europe Monitor No. 8 in 2023

11:58 AM - 22 May, 2023
740
Islamist association in Hamburg goes to court
Europe

Islamist association in Hamburg goes to court

10:55 PM - 7 May, 2023
438
Former enemy becomes temporary friend: confusion in Israel
Mena

Former enemy becomes temporary friend: confusion in Israel

1:36 PM - 4 May, 2023
809
New friendships in the Gulf – Prospects for regional stability
Mena

New friendships in the Gulf – Prospects for regional stability

3:18 PM - 3 May, 2023
787
Religion and the secular state: The dilemma of the Muslim world – Part Two
Mena

Religion and the secular state: The dilemma of the Muslim world – Part Two

1:24 PM - 1 May, 2023
880
It’s no longer the Middle East, It’s the Middle West
Mena

It’s no longer the Middle East, It’s the Middle West

11:57 PM - 11 April, 2023
1.3k
MENA Reseach and Study Center

2023 © by Target

MENA Research & Study Center

  • About Us
  • Advanced search
  • Podcast
  • Privacy Policy
  • Imprint

Follow Us

No Result
View All Result
  • Advanced search
  • Reports and Analysis
  • Essays
  • Regions
    • Mena
    • Europe
  • Topics
    • Politics
    • Politics Islam
    • Migration
    • Terrorism
    • Extremism
  • Podcast
    • Europe Monitor
    • Talks and Input
  • Videos
  • About Us
  • Contact us
  • English

2023 © by Target

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Pin It on Pinterest

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
error: Alert: Content selection is disabled!!
  • English