INSTEX

Question 1

What is INSTEX ?

Answer 1

It is a payment mechanism

Question 2

Who setup this payment mechanism ?

Answer 2

European Union

Question 3

Why did EU setup such a payment mechansim ?

Answer 3

To secure trade with IRAN and skirt US sanctions after Washington pulled out of the landmark nuclear deal

Question 4

How is it advantageous ?

Answer 4

It will allow trade between EU and IRAN without relying on direct financial transactions

Question 5

Where is INSTEX registered ?

Answer 5

At Paris with an initial capital of 3000 euros chaired by UK

Question 6

Which 3 countries are the important partners in this project ?

Answer 6

France , Germany and Britain

Question 7

What will this payment scheme be used initially for ?

Answer 7

Non sanctionable trade including humanitarian goods such as medicine , food and medical devices