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Europe and Iran announce first transaction through INSTEX

The Instrument in Support of Trade Exchanges (INSTEX), a special-purpose mechanism intended for trade with Iran in non-U.S.-dollar-denominated, non-SWIFT transactions, announced its first shipment of goods to Iran on March 31.[1] The instrument is specifically designed to work around United States’ economic sanctions on Iran. The U.S. has criticized the instrument but did not try to stop the first transaction.

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