INSTEX President visits AHK Iran

Michael Bock, former German ambassador and successor of Per Fischer at the head of INSTEX, makes his first visit to Iran.

The new INSTEX President has travelled to Iran to introduce himself and the next steps with the partners of STFI (Special Trade and Finance Institute). to discuss. It was also important for him to meet with German and Iranian company representatives in order to learn about their current concerns in German-Iranian trade. For this purpose he visited the AHK Iran and exchanged information with its managing director. In the evening he discussed in a small group of representatives of companies and associations.

Michael Bock was selected to head a panel to promote European trade with Iran (INSTEX). The abbreviation INSTEX stands for Instrument in Support of Trade Exchanges and was founded in January 2019 in Germany, France and Great Britain to coordinate import and export payments. As a kind of intermediary, the Paris-based organisation is intended to enable European companies to continue doing business with Iran despite the US sanctions in place against Iran. This should convince Tehran to continue to adhere to the nuclear treaty. For fear of US sanctions, most banks are refusing to do business with Iran.

Despite intensive efforts, INSTEX has so far not conducted any business. Berlin and Paris had always emphasized that they wanted to do business above all to alleviate the aggravating supply situation in Iran. However, diplomats recently said that the definition of "humanitarian" would be interpreted quite broadly.