INSTEX

EU Busts Iran Sanctions. Dollar No Longer Reserve for Oil Trades

In a surprise move, the EU special purpose vehicle for trade with Iran (INSTEX) exercised its first trade today. The body was set up to facilitate exports of Iranian oil without U.S. dollars, avoiding a sanctions regime imposed unilaterally by the U.S.

Instex is now operational despite U.S. threats to European banks and officials of reprisal sanctions if they violated Iran sanctions.