On Friday six European countries issued a bombshell joint statement declaring their intent to join INSTEX, or the Instrument in Support of Trade Exchanges, a European special-purpose vehicle serving as a 'SWIFT alternative' to bypass US sanctions on Iran. Finland, Belgium, Denmark, Netherlands, Norway, and Sweden released a joint statement asserting it's of "the utmost importance to the preservation and full implementation of the Joint Comprehensive Plan of Action (JCPoA) on Iran’s nuclear program by all parties involved."
"In light of the continuous European support for the agreement and the ongoing efforts to implement the economic part of it and to facilitate legitimate trade between Europe and Iran, we are now in the process of becoming shareholders of the Instrument in Support of Trade Exchanges (Instex) subject to completion of national procedures," the statement reads.