Instrument in Support of Trade Exchanges

SPV to facilitate non-dollar trade with Iran

The Instrument in Support of Trade Exchanges (INSTEX) is a special-purpose vehicle (SPV) established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran. The SPV is headquartered in Paris, France, and is headed by German national Per Fischer, who formerly served as Head of Financial Institutions at Commerzbank, between 2003 and 2014.. As of May 2019, the use of the SPV is limited to humanitarian purposes; for example, the purchase of otherwise embargoed foods or medicines.

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