Some people, without even factchecking, express their cynicism in a rude way.
Most are oblivious as to what this means.
For those who criticise while being too BONE-LAZY to check for themselves.
https://www.zerohedge.com/news/2019-05-29/us-threatens-europe-loss-access-us-financial-system-over-its-iran-funding-spv
BY THE MARITIME EXECUTIVE 2019-06-28 21:37:49
Most are oblivious as to what this means.
For those who criticise while being too BONE-LAZY to check for themselves.
https://www.zerohedge.com/news/2019-05-29/us-threatens-europe-loss-access-us-financial-system-over-its-iran-funding-spv
EU
Activates Barter
Mechanism for Iranian Trade
BY THE MARITIME EXECUTIVE 2019-06-28 21:37:49
28
June, 2019
After
extended diplomatic talks on Iran's threat to exceed nuclear treaty
limits, the European Union announced Friday that it was finally
launching an alternative financial mechanism to facilitate
international commerce with Tehran, circumventing U.S. sanctions.
The
barter mechanism, INSTEX, is part of Europe's attempt to salvage the
Joint Comprehensive Plan of Action (JCPOA, or "nuclear deal")
which saw Iran cease work on its nuclear program in exchange for
lifting of international sanctions. The United States unilaterally
withdrew from the agreement last year, reimposing strict sanctions on
Iran's oil exports and effectively closing off Iranian access to
Western financial markets.
Iran
has so far complied with its part of the nuclear deal, according to
international monitors, but it has threatened to exceed the
agreement's limits on uranium enrichment if Europe does not do enough
to offset the effects of American sanctions. INSTEX is part of a
yearlong EU effort to maintain commercial ties with Iran, but until
Friday, it had not begun operation.
"INSTEX
now operational, first transactions being processed and more EU
Members States to join," said Secretary General of the European
External Action Service (EEAS) Helga Schmid in a Twitter post Friday.
INSTEX
is targeted at trade in essential goods - food, medicine,
humanitarian aid - but is not expected to handle payments for Iranian
oil. Energy exports are key to Iran's economy and to the operations
of the Iranian government, and Tehran has made it clear that it wants
to see European oil purchases if it is to remain in compliance with
the JCPOA.
"It
is still not enough, and it is still not meeting Iran's expectations.
I would certainly report back to Tehran that developments which took
place in this meeting, the progresses we made in this meeting, and
the final decision obviously would be by Tehran to take," Iran's
Deputy Foreign Minister Abbas Araghchi said after talks Friday.
The
United States made clear that it opposes INSTEX. Brian Hook, the U.S.
special representative for Iran, said Friday that European nations
cannot "do business with the United States and Iran" and
the same time. (Europe-based multinational corporations have already
reached this conclusion, and few large enterprises are expected to
renew business ties with Iran using INSTEX.)
"Countries
don't do business in Iran . . . companies do business in Iran,"
Hook said. "We have not seen any demand for [European] companies
doing business in Iran, because they would much rather do business in
the United States market than do business in the Iranian market. If
you look at trading volumes, the EU does more trade with Kazakhstan
than it does with Iran."
https://www.thenational.ae/world/europe-grants-iran-trade-loophole-as-tehran-prepares-to-breach-nuclear-deal-1.879950
Here is what I did on this highly-alarming development
Here is what I did on this highly-alarming development
https://www.rt.com/business/460648-us-sanctions-eu-iran-instex/
https://www.lawfareblog.com/instex-blow-us-sanctions
This is an excellent discussion of this -
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