Instrument in Support of Trade Exchanges

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Société par actions simplifiée
IndustryClearing house
FoundedJanuary 31, 2019; 5 months ago (2019-01-31)
Key people
Per Fischer
(managing director)
Sir Simon McDonald
(chairman of the supervisory board)
Miguel Berger
(member of the supervisory board)
Maurice Gourdault-Montagne
(member of the supervisory board)

The Instrument in Support of Trade Exchanges (INSTEX) is a special-purpose vehicle (SPV) established in January 2019 by France, Germany and the United Kingdom to facilitate non-United States dollar trade with Iran.[1] The SPV is headquartered in Paris, France, and is headed by German national Per Fischer, who formerly served as Head of Financial Institutions at Commerzbank, between 2003 and 2014.[2] As of May 2019, the use of the SPV is limited to humanitarian purposes; for example, the purchase of otherwise embargoed foods or medicines.[3]

On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that the Russian Federation would be interested in participating in INSTEX.[4]

On June 28, 2019, the EU released a statement stating that INSTEX has been made operational and that the first transactions are being processed.[5] Federica Mogherini stated that the purpose of Instex is to facilitate "legitimate trade" with Iran for any EU member and has been conceived to be open to non-EU countries.[6]

See also[edit]


  1. ^ "European powers launch mechanism for trade with Iran". Reuters. 31 January 2019.
  2. ^ "INSTEX: Europe sets up transactions channel with Iran". Deutsche Welle. 31 January 2019.
  3. ^ Forbes Magazine INSTEX, A New Channel To Bypass U.S. Sanctions And Trade With Iran
  4. ^ "Рябков: РФ будет добиваться участия в механизме внешнеторговых расчетов INSTEX с Ираном". ТАСС. Retrieved 11 February 2019.
  5. ^ Foundation, Thomson Reuters. "Europe says Iran trade channel operational -statement". Retrieved 28 June 2019.
  6. ^ Remarks by High Representative/Vice-President Federica Mogherini following the Foreign Affairs Council. Bruxelles, 15/07/2019 - 19:29, UNIQUE ID: 190715_18.