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More European Nations Join Effort to Bypass US Sanctions on Iran

Michael Lipin

   Six European nations say they will join a fledgling financial system to
   bypass U.S. sanctions against Iran, challenging U.S. President Donald
   Trump days before he meets leaders of some of those nations in London.

   [1]In a joint statement Friday, Belgium, Denmark, Finland, the
   Netherlands, Norway and Sweden said they are in the process of become
   shareholders of the Instrument in Support of Trade Exchanges (INSTEX).
   Britain, France and Germany launched INSTEX in January to enable
   companies to trade with Iran without using U.S. dollars or going
   through U.S. banks, thereby shielding such companies from U.S.
   sanctions.

   Trump has been toughening U.S. sanctions against Iran since November
   2018 as part of a campaign of "maximum pressure" on Tehran to reach a
   new deal to stop its perceived malign behaviors. Earlier last year, he
   pulled the U.S. out of a 2015 deal in which world powers eased
   sanctions on Iran in return for curbs on the Iranian nuclear program.
   Trump said that deal was not tough enough on Tehran.

References

   1. https://www.regjeringen.no/en/aktuelt/joining_instex/id2680468/

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