Europe Circumvents U.S. Sanctions Against Iran Through New Barter-Based Trading MechanismChris Menahan
Jun. 30, 2019
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This is going to infuriate the neocons in Trump's administration.
From RT, "Iran says alternative sanctions-busting payment system with EU is operational":
The European financial settlement mechanism (INSTEX), aimed at circumventing US sanctions against Iran, is working and transactions are already happening, according to Iran’s JCPOA envoy.More via Forbes:
Exactly how does INSTEX facilitate trade with Iran without making sanctions-busting cross-border payments? In a word – barter. INSTEX matches the Euro payments of companies buying goods from Iran with the Euro receipts of companies selling goods to Iran. Imagine a company based in France wants to sell transport equipment to a buyer in Iran. Receiving Euro payments directly from that buyer would break U.S. sanctions. So instead, the French company would register the sale documentation with INSTEX. INSTEX would look on its own books for a company buying foodstuffs from Iran. It would match the two cash flows so that in effect the two European companies pay each other. The goods would still travel to and from Iran, but the money would stay entirely within the EU.Hilarious.
[Header image by Tijl Vercaemer.]
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