The scheme is not new news but it will be tested for the first time soon by France.
Instex is a barter trade mechanism
- It aims to avoid direct financial transfers with iran
- Sets up offsetting balances between importers and exporters on the European side
- The making continuing trade possible between European Union members and Iran in the face of U.S sanctions
French Finance Minister Bruno Le Maire said (overnight Thursday) he hoped the first transaction would be completed in coming days.
There's always a loophole …
