Europe is shutting down INSTEX
Several European countries announced on Thursday that they intend to shut down the INSTEX financial system, which was launched in 2019 to facilitate trade with Iran and protect companies dealing with Iran from U.S. sanctions.
The foreign ministries of Germany and France stated that the 10 countries involved in INSTEX, including Belgium, Germany, Finland, Denmark, France, the Netherlands, Norway, Spain, Sweden, and the United Kingdom, concluded that there is no basis to maintain it due to Iran’s continued refusal to cooperate with this entity.
The statement said that this decision is purely for commercial reasons and independent of other factors.