Several European countries are working together to create a trade deal with Iran in order to help them bypass US sanctions; This deal is known as the Instrument in Support of Trade Exchanges (Instex), which originated in January; Joint statement: We remain fully committed to pursuing our efforts towards a diplomatic resolution within the framework of the JCPOA.
In a poor attempt to try and salvage what’s left of the Joint Comprehensive Plan of Action (JCPOA) or Iran Nuclear Deal, several European countries are collaborating together with Iran in order to carry out a new trade deal that will bypass the current sanctions that are wreaking havoc on Iran’s economy. The United States withdrew from the Nuclear Deal in 2018 and began implementing sanctions thereafter. Since then, Iran has been pressuring Europe to come to a consensus to offset the US sanctions, and when it couldn’t have happened at a more controversial time, Europe is pulling through.
This deal that was formed in January is called the Instrument in Support of Trade Exchanges (INSTEX). So far, the nations involved are reported to be Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, and the United Kingdom. The joint statement celebrated that this agreement “further strengthens Instex and demonstrates European efforts to facilitate legitimate trade between Europe and Iran.” While their trade with Iran will begin with items that are exempt from the current US sanctions, the nations have announced their intention to eventually expand the INSTEX deal to a wide range of trade.
The commitment to this deal from the different European countries comes after weeks of violent protests throughout Iran, killing hundreds. On one day, it is reported that over 100 people were killed by security forces. Additionally, it was Iranian-backed forces that were clashing with and killing protestors in Iraq in the last two months.
One of the major positive effects of the US sanctions has been the defunding of terror from the number one sponsor of terror in the world, Iran. Israeli Prime Minister Benjamin Netanyahu, in an event earlier this year, exposed the reality that Iran has been in violation of the terms of the Nuclear Deal all along, with no intention of slowing down. As Europe caves and eventually allows Iran to bypass the effects of the US sanctions, the world will only become a more dangerous place. At best, Europe is now turning a blind eye to the atrocities being committed by Iran over the last two months.