Six new European countries join the INSTEX barter mechanism, which is designed to circumvent U.S. sanctions against trade with Iran by avoiding use of the dollar. The Paris-based INSTEX functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange. The system has not yet enabled any transactions.
Daily Current Affairs Quiz 2019
Washington in 2018 unilaterally withdrew from the international agreement governing Iran’s nuclear programme and reinstated heavy sanctions against Tehran. This Paris-based mechanism functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange. The mechanism represents continuing commitment of France, Germany and the UK to the JCPOA.
