February 1, 2019 / 10:03 AM / 23 days ago

New mechanism for European trade with Iran is legitimate: Germany's BGA

Aerial view of containers at a loading terminal in the port of Hamburg, Germany August 1, 2018. REUTERS/Fabian Bimmer

BERLIN (Reuters) - A new channel for non-dollar trade with Iran that France, Germany and Britain have opened to avert U.S. sanctions is legitimate and sends an important signal of Europe’s reliability as a trade partner, Germany’s BGA trade association said.

BGA President Holger Bingmann said on Friday that questions nonetheless remained about the exact structure of the Instrument In Support Of Trade Exchanges, or INSTEX.

Reporting by Riham Alkousaa and Tassilo Hummel; Writing by Michelle Martin; Editing by Joseph Nasr

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