INSTEX Completes First Exports to Iran, E3 Says

INSTEX, the European payment system designed to allow countries to trade with Iran despite U.S. sanctions (see 1912020025), completed its first transaction, France, Germany and the United Kingdom said in a March 31 notice. The countries said the mechanism successfully facilitated exports of medical goods from Europe to Iran. INSTEX will now “work on more transactions,” the notice said. The U.S. has warned Europe that anyone associated with INSTEX could face sanctions (see 1905300035).