European countries liquidated trade mechanism with Iran

The UK, France and Germany have released a joint statement regarding the private payments company INSTEX, which was established in 2019 to continue trade with Iran.

In the statement, it was stated that Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Spain, Sweden and England, which are INSTEX shareholders, have decided to liquidate the company.

Reminding that INSTEX was established to facilitate the legitimate trade between Europe and Iran, especially in products such as medicine and food, it was stated that it tried to facilitate commercial activity between Europe and Iran for 4 years.

“Iran systematically and for political reasons prevented INSTEX from fulfilling its mandate,” the statement said. comment was included.

Reminding that Iran agreed to make only 1 transaction with INSTEX for the export of medical supplies from Europe to Iran in 2020, it was argued that Iran constantly and deliberately blocked various transaction offers with EU countries, England and Norway.

The statement pointed out that Iran did not insist on establishing a relationship with the INSTEX company, adding, “Shareholders have concluded that there is no longer any basis to keep INSTEX active.” evaluation was made.

In the statement, which stated that INSTEX shareholders held an extraordinary general meeting on March 9, it was emphasized that all shareholders voted to dissolve INSTEX.

During the presidency of Donald Trump, the United States withdrew from the nuclear deal with Iran and began reimposing sanctions on the country.

In the face of the decision, European countries established a special payment mechanism called INSTEX in order to protect EU investors from the sanctions imposed by the USA on Iran and to maintain commercial relations with the country.

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