It is called INSTEX, and acronym for Instrument in Support of Trade Exchanges, the Special Purpose Vehicle set up this month to facilitate trade between three European countries, the UK, France and Germany, and Iran. It is a transactions channel, designed to evade unilateral US sanctions on Iran.
Registered in Paris, it reportedly will be managed by Per Fischer, listed as a German banking expert, formerly at Commerzbank. No details have been made public, other than the fact that it is currently limited to humanitarian goods, such as food, medicine and medical devices. When more information is available, we shall publish it for the benefit of compliance officers who want to make very sure that their bank customers never have any trade that passes through this Special Purpose Vehicle into Iran.