It is a delicate Job, the the German By Fischer. The 69-year-old former Manager of Commerzbank is to now at the top of the “Instex”, the new special purpose vehicle, the European company with business ties to Iran prior to U.S. sanctions.

A corresponding entry in the French register of companies on the establishment of a “Special Purpose Vehicle” (SPV), published in the official journal “Affiches Parisiennes” at 30. January. Instex stands for “Instrument in Support of Trade Exchanges”. The object of the society shall be the “financial, legal and accounting” consulting and services for companies. The purpose of the society is “to promote legitimate trade with Iran”.

the Special Purpose Vehicle of Germany, France and the United Kingdom was Founded. In the Supervisory Board, senior diplomats from the three countries: For Germany, Miguel Berger, head of the economic Department in the foreign office. For France, Maurice Gourdault-Montagne, previously French Ambassador in Beijing, for the UK, Sir Simon McDonald, the Under-Secretary and head of the diplomatic service at London’s Ministry of foreign Affairs.

Instex is to ensure that European companies which engage in legal trade with Iran, will not be affected by American sanctions. It had become from the point of view of the Europeans is necessary, after US President Donald Trump was bailed out of the nuclear agreement with Iran (JCPOA). Trump then enacted which, in his words “the harshest sanctions of all time”. Attention is directed primarily against the Iranian Oil industry and other selected sectors.

fisherman needs to export, with punitive measures of the United States

expect, Actually European companies are allowed to all Goods which are not subject to the sanctions in the Iran. The Problem, however, is that almost all banks in Europe to reject payments for such transactions. The financial institutions fear they could be punished in the United States. “Over-compliance” of sanctions call of the EU-diplomats – over-Fulfillment.

Instex is a kind of exchange, in which the claims of Iranian and European companies, will be charged. Money that Iran, for example, for oil Supplies to Europe in the invoice, could flow directly to European companies, the products to Iran to sell. On Monday, the foreign Ministers of Germany, France and Britain agreed in Brussels the final Details.

Fischer was appointed for six months to the managing Director of Instex. Prior to that, he was for 29 years in various positions at Commerzbank. The German Director of the special purpose entity must now also reckon personally with sanctions of the USA. Also, the Supervisory Board members suffer the personal consequences. While you are traveling with a diplomatic passport, which protects you worldwide against law enforcement. But Americans or other countries outside of the EU, could you explain to the unwanted Person and entry bans can be issued.

Sam Yoon has many years of experiences in journalism. He has covered such areas as information technology, science, sports and politics. Yoon can be reached at 82-2-6956-6698.