The former head of the U.S.’ sanctions authority has said INSTEX, the payment instrument set up in Europe to enable trade with Iran, is unlikely to ever see success regardless of whether it enables banks to circumnavigate American sanctions.
John Smith, former director of the Office of Foreign Assets Control (OFAC) and now a partner at Morrison & Foerster, said the U.S. and EU would likely steer clear of the trade vehicle unless all major banks are able to cooperate on the measure.
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