Germany, France and UK officially set up a payment channel with Iran called INSTEX

Germany, France and the UK have officially set up a payment channel with Iran called INSTEX, to help continue trade and circumvent US sanctions. The long-awaited special payment system will help save the Iran nuclear deal by allowing Tehran to keep trading with EU companies despite Washington re-imposing sanctions after US President Donald Trump abruptly quit the accord in 2018. The three countries have launched the device at a meeting of EU foreign ministers in Bucharest, Romania. The new institution ‘INSTEX’ is a project of the three governments and will receive the formal endorsement of all 28 EU members. The Instrument In Support Of Trade Exchanges (INSTEX) is registered in France and will be headed by German banker Per Fischer, a former Commerzbank director.