Send a Tweet
Most Popular Choices
Share on Facebook 15 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds    H2'ed 7/1/19

Europe, Defying Trump, Implements New Currency Exchange with Iran

By       (Page 1 of 1 pages)     (# of views)   1 comment
Author 511263
Message Juan Cole
Become a Fan
  (3 fans)

From Informed Comment

(Image by Video Screenshot)   Details   DMCA
- Advertisement -

Frances Coppola at Forbes reports that European powers have made operational their Instex exchange mechanism, which will allow European and other companies to do business with Iran while avoiding US Treasury Department sanctions.

The move is the biggest split between the US and Europe over an international policy issue since President Eisenhower intervened to stop the 1956 war launched against Egypt by Britain, France and Israel (h/t Matt Duss on Twitter).

I wrote previously about Instex, which is headquartered in Paris and headed by a German banker,

- Advertisement -
    "The mechanism is complex but apparently Europe will initially sell Iran 'humanitarian goods' such as pharmaceuticals and food, which are exempted from the severe US sanctions, and will buy Iranian petroleum with the proceeds. Iran will apparently pay Instex, and Instex will reimburse the pharmaceutical and food companies, so that they are never required to deal directly with Iran. Eventually, small and medium European firms who do not do business with the US could use the instrument to sell their goods to Iran without risking sanctions.

    "The US is trying to sanction third parties, those who do business with Iran, but Europe is creating fourth parties, those who do business with Instex. Instex is the one dealing with Iran. And since it has no dollars and doesn't deal with the US, Instex probably can't be fined or punished by Treasury's Office of Foreign Asset Control.

    "The high officials of Instex will be issued diplomatic passports so that the US cannot indict them and seek their extradition."

The head of Iran's central bank, Abdolnaser Hemmati, welcomed the European move but insisted that Instex must try to cover all the transactions envisaged in the 2015 Iran nuclear deal or Joint Comprehensive Plan of Action (JCPOA), which had ended United Nations' economic boycotts and sanctions. That is, it needs to cover trade in goods interdicted by Trump.

- Advertisement -

Bonus video added by Informed Comment:

Wochit News: "Europe Says It Has Opened Iran Trade Channel To Dodge U.S. Sanctions"


- Advertisement -

Rate It | View Ratings

Juan Cole Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Juan Cole is an American academic and commentator on the modern Middle East and South Asia.  He is Richard P. Mitchell Collegiate Professor of History at the University of Michigan. Since 2002, he has written a weblog, Informed Comment (more...)

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Rupert Murdoch's Fox postpones Pirro, as his Sky Channel is Pulled from NZ Airwaves for airing Shooter's Video

Top 5 Mistakes GOP's Wohl Made in allegedly framing Mueller for Sex Charges

Who's Running John Bolton to Start a war with Iran? He worried even Mad Dog Mattis

India Doubles Iran Oil Imports: Are Trump's Sanctions Cratering?

Senators Grill Rick Perry on Transfer of Nuclear Info to Saudi Arabia Despite "Troubling Actions"

Jared Kushner Tries to Strip Refugee Status, Aid from Millions of Displaced Palestinians


The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

1 people are discussing this page, with 1 comments

Stan Crawford

Become a Fan
Author 511938

(Member since Aug 15, 2018), 1 fan, 151 comments
Not paid member and Facebook page url on login Profile not filled in Not paid member and Twitter page url on login Profile not filled in Not paid member and Linkedin page url on login Profile not filled in Not paid member and Instagram page url on login Profile not filled in

Add this Page to Facebook! Submit to Twitter Share on LinkedIn Submit to Reddit

  New Content

Kudos to Europe to stand up to the whining, bullying Socialist POTUS Don the Con! The world is moving on without the USA due to this inept administration of former Reagan War Criminals. No longer able to rely on an honest, consistent policy the US president and its representatives will pursue, only the whims of a vile human whose success is raping women/ aspiring adolescent beauty pageant contestants, filing bankruptcies and producing tRump family products in China that are tariff exempt.

Submitted on Tuesday, Jul 2, 2019 at 1:35:32 PM

Author 0
Add New Comment
Share Comment
Reply To This   Recommend  (0+)

Want to post your own comment on this Article? Post Comment