JOINT STATEMENT ON THE NEW MECHANISM TO FACILITATE TRADE WITH IRAN – UK, FRANCE AND GERMANY – SPV

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.

https://www.gov.uk/government/news/joint-statement-on-the-new-mechanism-to-facilitate-trade-with-iran

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s