Wednesday, April 24, 2024

European states dissolve symbolic Iran trade system

European countries have shut down the INSTEX system, which they had launched in the midst of US sanctions to facilitate trade with Iran.

INSTEX is a system that European countries launched in 2019 to protect trade with Iran against US sanctions. High-ranking European officials have repeatedly admitted that since private companies cannot be forced to do business with a country, INSTEX is only a symbolic measure.

European countries announced on Thursday that they have shut down the INSTEX system. According to European countries, only one transaction has been done through this system.

The foreign ministers of France and Germany claimed that the 10 shareholders of Instex (Belgium, Germany, Finland, Denmark, France, the Netherlands, Norway, Spain, Sweden and England) came to the conclusion that after Iran’s refusal to work with this system, there is no reason to continue its operation.

European countries have said in their statement on Thursday that the decision to liquidate INSTEX was made solely on the basis of commercial issues and independent of other factors.

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