"Switzerland had launched a trade channel in the previous edition of the US sanctions imposed against Iran for the exchange of humanitarian goods such as food and medicine as licensed by the Office of Foreign Assets Control (OFAC) at the US Department of Treasury," Chairwoman of Money and Capital Market Commission at Tehran Chamber of Commerce, Industries, Mines and Agriculture Ferial Mustofi told in an exclusive interview with IRNA.
She noted that Switzerland is presently setting up the same previously-launched trade channel and for this reason, it has received necessary licenses from OFAC.
Mustofi criticized the US sanctions imposed on Iran, and said, "The United States had announced that humanitarian goods and products are not subject to sanctions, but we see in practice that these products have been sanctioned and no foreign bank is ready to transact with the Islamic Republic of Iran."
The Instrument in Support of Trade Exchanges (INSTEX) is a European special-purpose vehicle established in January 2019. Its mission is to facilitate non-USD transactions and non-SWIFT to avoid breaking US sanctions.