Europe has found a way of circumventing U.S. sanctions on Iran. The governments of France, Germany and the United Kingdom have developed a special purpose vehicle (SPV) to enable European businesses to maintain non-dollar trade with Iran without breaking U.S. sanctions. That SPV, known as INSTEX, is now up and running.
The three governments announced the successful implementation of INSTEX at a meeting of the Joint Commission of the Joint Comprehensive Plan of Action (JCPOA) on June 28, 2019. The meeting was chaired on behalf of the EU by the Secretary General of the European External Action Service (EEAS), Helga Schmid, and was attended by representatives of China, France, Germany, Russia, the United Kingdom, and Iran.
The fact that INSTEX’s implementation went ahead despite President Trump imposing additional sanctions on Iran shows how little support there is in Europe for the U.S. administration’s belligerence. If INSTEX also succeeds in attracting major third countries such as China, the U.S. may find itself increasingly isolated. This could call into question not only the relationship between the U.S. and its allies, but also the U.S.’s power in the world.
Full article via Forbes
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