Paris,
London and
Berlin on Saturday welcomed six new European countries to the INSTEX barter mechanism, which is designed to circumvent US
sanctions against trade with
Iran by avoiding use of the dollar.
"As founding shareholders of the Instrument in Support of Trade Exchanges (INSTEX),
France,
Germany and the
United Kingdom warmly welcome the decision taken by the governments of
Belgium, Denmark, Finland, the Netherlands, Norway and
Sweden, to join INSTEX as shareholders," the three said in a joint statement.
The Paris-based INSTEX functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange.