On 31st January, the UK FCO published a news release to announce the creation of ‘INSTEX’ a new mechanism for facilitating legitimate trade with Iran in order to preserve the Iran nuclear deal. It will support legitimate European trade with Iran, focusing initially on the sectors most essential to the Iranian population – such as pharmaceutical, medical devices and agri-food goods. INSTEX aims in the long term to be open to economic operators from third countries who wish to trade with Iran and the 3 countries continue to explore how to achieve this objective. The announcement says that INSTEX will function under the highest international standards with regards to AML/CFT and EU and UN sanctions compliance; and, in this respect, the 3 countries expect Iran to swiftly implement all elements of its FATF action plan. They have registered a new Special Purpose Vehicle (SPV) which, when operational, will allow legitimate trade between Europe and Iran.
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