EU cites progress on Iran barter system to bypass US sanctions

The European Union says it is making some progress on its controversial barter-type system to trade with Iran and get around US sanctions as part of its efforts to keep the nuclear deal alive.

EU foreign policy secretary general Helga Schmid says today that beyond the 10 EU nations that are already part of the system, “we now have 7 more member states that have announced they will either join the shareholders or use Instex,” she says, referring to the barter system.

Schmid adds that “from consultations I had last week, I can share with you that more, also non-EU member states, will join.”

Iran has breached the deal’s limitations in an attempt to get other nations to provide economic incentives to offset US sanctions. The Trump administration withdrew from the agreement last year.

— AP