Germany optimistic on Iran trade vehicle

|By:, SA News Editor

A European payment system for barter-based trade with Iran - designed to circumvent U.S. sanctions - is expected to be ready soon, German Foreign Minister Heiko Maas said on Monday, ahead of talks with Iranian President Hassan Rouhani in Tehran.

"This is an instrument of a new kind, so it’s not straightforward to operationalize it," he told reporters. "But all the formal requirements are in place now.

Escalating the battle over the fate of the Iran nuclear accord, the Trump administration previously warned European allies that its Instex vehicle, and anyone associated with it, could be barred from the U.S. financial system if it goes into effect.

Subscribe for full text news in your inbox