What nations officially established a transaction channel with Iran known as INSTEX?
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Answer: D. Germany, France and the UK
Explanation
Germany, France, and the UK established INSTEX to facilitate non-dollar trade with Iran. This special-purpose vehicle was designed to bypass US secondary economic sanctions. European nations created the channel to maintain diplomatic ties under the nuclear deal. INSTEX stands for Instrument in Support of Trade Exchanges operating in Europe. International trade is typically denominated in US dollars through global banking systems. Economic sanctions restrict financial transactions between companies and sanctioned nations.
Diplomatic mechanisms allow European powers to pursue independent foreign trade policies. Bypassing financial sanctions requires innovative barter and ledger-clearing trade systems. Geopolitical tensions between Western allies and Iran shape modern international commerce. Italy, Russia and the Netherlands did not create this specific European financial channel. Brazil, South Africa and Egypt participate in other economic blocks like BRICS instead. Saudi Arabia, Denmark and Japan maintain separate diplomatic and trade relationships.
- Subject
- Current Affairs
- Category
- World Current Affairs
- Topic
- —
- Difficulty
- medium
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