France, Germany and the United Kingdom release a joint statement about INSTEX, a payment channel fac

On 31 January 2019 the Foreign Ministers from France, Germany and the United Kingdom (the E3) released a joint statement about the “Instrument for Supporting Trade Exchanges” (INSTEX). The E3 maintain that their efforts to preserve the economic provisions of the Joint Comprehensive Plan of Action (JCPOA), endorsed by United Nations Security Council resolution 2231, are dependent upon Iran fulfilling its nuclear-related commitments. INSTEX will function as a barter arrangement for Iran to conduct legitimate trade with European companies. Specifically, trade through INSTEX will initially focus on non-sanctionable essential goods, such as pharmaceutical products, medical devices and agri-food.