Yesterday (31 January 2019), France, Germany and the UK (together, the E3) announced the creation of INSTEX (Instrument for Supporting Trade Exchanges) – a Special Purpose Vehicle (SPV) aimed at facilitating legitimate trade between European businesses and Iran. INSTEX has been registered but is not yet operational.
The E3 Joint Statement notes that INSTEX will focus “initially on the sectors most essential to the Iranian population – such as pharmaceutical, medical devices and agri-food goods”, and that its long term aim is for it to open up to “economic operators from third countries who wish to trade with Iran”. See UK Statement and British Iranian Chamber of Commerce Statement.
Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...See profile for Maya Lester QC >