6 More European Nations Join SWIFT Alternative over Iran Nuclear Deal
Posted on 11/30/2019
Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden are in the process of becoming shareholders of the Instrument in Support of Trade Exchanges (Instex). Instex is serving as a “SWIFT alternative” to bypass U.S. sanctions on Iran. Many European countries want to keep Iran’s nuclear deal, Joint Comprehensive Plan of Action (JCPoA), in place.
According to the press release from Regjeringen.no, “In light of the continuous European support for the agreement and the ongoing efforts to implement the economic part of it and to facilitate legitimate trade between Europe and Iran, we are now in the process of becoming shareholders of the Instrument in Support of Trade Exchanges (Instex) subject to completion of national procedures. Instex was established by France, Germany and the United Kingdom in January 2019.
In this context, it is crucial for the Islamic Republic of Iran to return without delay to full compliance with the terms and provisions of the nuclear agreement.”