On 5th May, Kenneth Rijock in his blog introduces one to STFI – a new agency the Special Trade and Finance Institute, said to have affiliations with several Iranian banks and corporations.  This, he says, is the means by which Iran would trade with INSTEX, the “channel” established by UK, France and Germany to facilitate continued trade with Iran.  In what sounds like a version of the classic “black peso exchange” used by Colombian drug traffickers, INSTEX would act as a barter agency – an Iran entity wanting to buy something would have the value of that deal offset against the value of a deal where, for example, a French company wanted to buy something from Iran.  Thus no US dollars would be involved.


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

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