The German channel ARD reported that the governments of Germany, France and the UK have registered the company INSTEX (Instrument of Support for Trade Exchanges) to support trade relations between European countries and Iran, bypassing US sanctions.

According to the source, the headquarters of the organization will be in Paris, and it will be headed by a German citizen with banking experience.

The head of the supervisory board, which will consist of representatives of the MFA of each of the three countries, will be a British citizen.

Any EU member state will also be able to send a representative to the council.

The EU announced its intention to create a financial transaction mechanism to support trade relations with Iran, bypassing US sanctions last fall. It was assumed that it will begin operation in December 2018. The mechanism should guarantee international financial transactions between Iran and the EU countries, regardless of US sanctions.

On May 8, US President Donald Trump announced Washington’s withdrawal from the Joint Comprehensive Action Plan - a deal that was concluded in 2015 and limited Tehran’s nuclear development in exchange for lifting the UN Security Council sanctions and unilateral restrictive measures of the United States and the European Union. The remaining parties to the agreement did not approve of the US withdrawal from the agreement and remained committed to the previous agreements.

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