A woman looks at exchange rates by the window of a currency exchange shop in Tehran’s business district, Jan. 7, 2012. Photo: Reuters / Raheb Homavandi / File.

Germany is working hard to reach the point where the first transactions can be carried out under a special trade channel being set up to enable trade between Iran and European exporters, a German Foreign Ministry spokesman said on Friday.

Spokesman Rainer Breul said European industry had a great interest in the system being brought online, which will make it possible for trade between EU members and Iran to continue despite stiff US sanctions in place since Washington quit a 2015 nuclear accord.

Set up by France, Britain and Germany, Instex is a barter trade mechanism that aims to avoid direct financial transfers by offsetting balances between importers and exporters on the European side.