On January 31, 2019, France, Germany and the UK announced the creation of the Instrument in Support of Trade Exchanges, a special purpose vehicle intended to facilitate legitimate trade between European companies and Iran, registered in France.
This initiative is supported by the European Union. The vehicle was created in the wake of the U.S.’ withdrawal in 2018 from the Iran nuclear deal (the Joint Comprehensive Plan of Action), in addition to the EU Blocking Regulation, and as part of the EU’s response to the re-imposition of U.S. secondary sanctions on Iran through the U.S. Executive Order 13846. The Executive Order re-imposed the secondary sanctions regime against Iran that it have been suspended while it was a party to the JCPOA.
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