The countries of the European Union concentrated their forces in command to launch a personal remittance line to Iran, bypassing the penalties of the United States, reports the German broadcaster NDR.
Germany, France and the United Kingdom have been running for several months to produce a tool that allows payments to carry on between Europe and Iran after America’s backdown from the nuclear arrangement in May.
Now, European countries have formally created this channel, called INSTEX – which means “Instrument in Support of Trade Exchanges” the NDR said today, which in turn could cause dissatisfaction with Washington.
The German Foreign Minister added that his country “works very tightly” with France, the United Kingdom and the European Union to “perform this special-purpose project.”
For its part, the French Foreign Ministry announced that the joint statement will be pass later when EU foreign ministers get together in Bucharest.
According to the NDR report, the line will be founded in Paris and controled by a German financial expert. Supervisory Board will be located in the UK.
The statement was made three years after the entry into force of the Iranian nuclear arrangement regulating the country’s nuclear course in exchange for the lifting of sanctions.