6 European states to become shareholders in INSTEX

Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden have announced that they are in the process of becoming shareholders in INSTEX, the SPV established to facilitate legitimate trade between Iran and Europe, which became operational in July (see post). The announcement follows the UN International Atomic Energy Agency’s confirmation (report, 2019/55, 11 November 2019) that Iran has started to enrich low-grade uranium at the Fordow nuclear plant. The EU’s press release encourages Iran to return to full compliance with the terms of the nuclear agreement (JCPOA).