Europe exports goods to Iran using INSTEX for first time

European countries used the INSTEX trading mechanism for the first time for exporting medical gear to Iran, the German Foreign Ministry announced on Twitter.

“France, Germany, and the UK confirm that INSTEX has successfully concluded its first transaction, facilitating the export of medical goods from Europe to Iran,” the ministry said in a statement, adding that the goods were transported to Iran.

The INSTEX mechanism was set up last year by Germany, France, and the UK to save the 2015 Iran nuclear deal, by allowing European companies to continue trade with Iran despite sanctions imposed by the US.