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Germany working at top speed to get Iran barter scheme running

05 July 2019 14:53 (UTC +04:00)

Germany is working hard to reach the point where the first transactions can be carried out under a special trade channel being set up to enable trade between Iran and European exporters, a German Foreign Ministry spokesman said on Friday, APA reports citing Reuters.

Spokesman Rainer Breul said European industry had a great interest in the system being brought online, which will make it possible for trade between EU members and Iran to continue despite stiff U.S. sanctions in place since Washington quit a 2015 nuclear accord.

Set up by France, Britain and Germany, Instex is a barter trade mechanism that aims to avoid direct financial transfers by offsetting balances between importers and exporters on the European side.