US warns of sanctions on INSTEX

The Trump administration has warned that if INSTEX becomes operational (on which see previous blog), the USA may impose secondary sanctions (preventing access to the US financial system) on anyone associated with it. Sigal Mandelker, the Treasury Department’s Undersecretary for Terrorism and Financial Intelligence, wrote to INSTEX President Per Fischer on 7 May 2019, stating that: “engaging in activities that...