Three European signatories to the Iran nuclear deal—formally known as the Joint Comprehensive Plan of Action—namely Germany, France and Britain, have proposed to limit the scope of INSTEX, the long-awaited mechanism for facilitating trade with Iran, to pharmaceutical, medical devices and agrifood in its initial phase, Iran’s Ambassador in London Hamid Baeidinejad said on Twitter.
Short for "Instrument in Support of Trade Exchanges", the special purpose vehicle will allow European businesses to trade with Iran, despite strict US sanctions.
According to media reports, INSTEX will be based in Paris and managed by German banking expert Per Fischer who is also a former Commerzbank manager. The UK will head the supervisory board.
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