Avoiding Sanctions: 8 More EU Countries Join INSTEX System to Bypass Iran Sanctions

• RT
  Several more EU countries have joined the payment scheme known as INSTEX, set up to bypass U.S. sanctions against Iran. INSTEX was set up in January of this year, by France, Germany and the UK. It allows firms to avoid using the Swift payment system, which is heavily reliant on the USD. This is all part of the EU’s efforts to keep the 2015 nuclear deal with Iran alive. The agreement, officially called the JPCOA, granted sanctions relief for Iran in exchange for a scaling back of the country’s nuclear activities, but Washington withdrew from the pact earlier this year, and re-imposed sanctions.

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