The closure of the INSTEX trading mechanism company

It was decided to close the INSTEX trade mechanism company implemented by Europe in order to maintain trade with Iran starting in 2019. Despite the implementation of US sanctions, the INSTEX trade mechanism was established in 2020 to create trade opportunities for the UK, France, and Germany with Iran. In particular, the first export of medical products from Europe to Iran was made.

According to the statements made, Iran, for political reasons, Instex does not fulfill its duties and deliberately constantly rejects various transaction offers from European countries, which is a sign that Iran does not agree to establish a relationship with INSTEX company. On March 9, 2023, Belgium, Denmark, Finland, France, Germany, the Netherlands, Norway, Spain, Sweden, and the United Kingdom, which are among the shareholders of INSTEX trading mechanism, cast their votes for termination transactions.