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INSTEX Barter Mechanism

  • 02 Dec 2019
  • 1 min read

Why in News

Six Countries - Belgium, Denmark, Finland, the Netherlands, Norway and Sweden have recently joined INSTEX.

Key Points

  • A trade mechanism ‘Instrument in Support of Trade Exchanges (INSTEX)’ was established by France, Germany and the United Kingdom in January 2019 to allow European entities to maintain trade with Iran.
  • The mechanism has been designed to circumvent U.S. sanctions against trade with Iran by avoiding the use of the dollar.
  • 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.
  • It has been seen that the system has not yet enabled any transactions.

Source: TH

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