Europe shuts down INSTEX
Several European countries announced on Friday that they intend to shut down the INSTEX financial system, which was launched in 2019 to facilitate trade with Iran and protect Iranian companies from US sanctions.
The foreign ministries of Germany and France have stated that 10 countries involved in INSTEX, including Belgium, Germany, Finland, Denmark, France, the Netherlands, Norway, Spain, Sweden, and the UK, have concluded that there is no basis for its preservation due to Iran’s continued non-cooperation with this institution.
The statement mentioned that this decision is solely based on commercial reasons and is independent of other factors.
