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February 1, 2019 9:17 am

New Mechanism for Europe-Iran Commerce Is Legitimate, German Trade Group Says

avatar by Reuters and Algemeiner Staff

A money changer holds Iranian rial banknotes as he waits for customers in Tehran’s business district, Jan. 7, 2012. Photo: Reuters / Raheb Homavandi.

A new channel for non-dollar trade with Iran that France, Germany and Britain have opened to avert US sanctions is legitimate and sends an important signal of Europe’s reliability as a trade partner, Germany’s BGA trade association said.

BGA President Holger Bingmann said on Friday that questions nonetheless remained about the exact structure of the Instrument In Support Of Trade Exchanges, or INSTEX.

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