The INSTEX payments instrument is still secure for the foreseeable future despite the challenges facing the Iranian nuclear deal more broadly, but the prospective mechanism remains at the mercy of events.
On January 14, the three countries responsible for INSTEX — the UK, France and Germany, known as the E3 — announced that they were invoking the dispute resolution mechanism of the Joint Comprehensive Plan of Action (JCPOA) with Iran.
Such action was necessary, the E3 said, because Iran was violating the nuclear non-proliferation requirements of the JCPOA.
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