INSTEX Makes Initial Transactions, JCPOA Commission Says

Europe completed the first transactions under INSTEX, the European payment system designed to allow countries to trade with Iran despite U.S. sanctions, according to a Feb. 26 news release from the Joint Commission of the Joint Comprehensive Plan of Action. During a recent meeting, the commission, which includes representatives from China, France, Germany, Russia, the United Kingdom and Iran, also said it added four more European countries as “new shareholders” in INSTEX and expects more to join. “Participants welcomed positive developments in the processing of first transactions by INSTEX,” the news release said. The news release did not name the new shareholders.

U.S. officials have said INSTEX has “no corporate demand” in Europe (see 1908260035) and have threatened sanctions against countries or companies using the mechanism (see 1905300035).