Germany working at top speed to get Iran barter scheme running: spokesman

[July 05, 2019]  BERLIN (Reuters) - 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.

A general view of an oil dock is seen from a ship at the port of Kalantari in the city of Chabahar, 300km (186 miles) east of the Strait of Hormuz January 17, 2012. REUTERS/Raheb Homavandi

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 U.S. 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.

(Reporting by Thomas Escritt; Editing by Paul Carrel)

[© 2019 Thomson Reuters. All rights reserved.]

Copyright 2019 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.