EU Channel for Transactions to Be Announced in Next Hours: Iran Envoy to London

Iran’s ambassador to London said on Thursday that Germany, Britain and France have finalized registration of a channel for transactions with Iran (INSTEX), and the news will be announced within next hours.

Hamid Baeedinejad made the remarks in a twitter message on Thursday.

The Paris-based transactions channel, named INSTEX – Instrument In Support Of Trade Exchanges, is run by a German national, and France, Britain and Germany are shareholders in it, IRNA news agency reported.

German TV broadcaster, NDR, had earlier reported that Germany, France and the UK have set up a payment channel with Iran called INSTEX, to help continue trade with Iran, circumventing the US sanctions.