Europe’s trade system with Iran finally makes first deal amid Covid-19 outbreak

Iran has been hard hit by the coronavirus pandemic, but supplying medical goods to Iran was already a concern before the outbreak.

Despite difficulties, Germany’s foreign ministry said the three European countries “confirm that Instex has successfully concluded its first transaction, facilitating the export of medical goods from Europe to Iran”. File picture.

European countries trying to keep Iran’s nuclear deal with world powers alive have said a system they set up to enable trade with Tehran has finally concluded its first transaction, facilitating the export of medical goods.

Britain, France and Germany conceived the complex barter-type system dubbed Instex, which aims to protect companies doing business with Iran from American sanctions, in January 2019.