Paris, London and Berlin on Saturday welcomed six new European countries to the INSTEX barter mechanism, which is designed to circumvent U.S. sanctions against trade with Iran by avoiding use of the dollar.
These European countries are Belgium, Denmark, Finland, the Netherlands, Norway and Sweden, to join INSTEX as shareholders. The Paris-based INSTEX functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange.
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