EU Announces Channel To Circumvent Western SWIFT Payment System Over Iran Sanctions

With the world waiting for the first headlines from the Trump-Xi meeting, the most important and unexpected news of the day hit moments ago, when Europe announced that the special trade channel, Instex, that will allow European firms to avoid SWIFT and bypass American sanctions on Iran, is now operational.

Following a meeting between the countries who singed the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), which was ditched by US, French, British and German officials said the trade mechanism which was proposed last summer and called Instex, is now operational.

As a reminder, last September, in order to maintain a financial relationship with Iran that can not be vetoed by the US, Europe unveiled a "Special Purpose Vehicle" to bypass SWIFT. The mechanism would facilitate transactions between European and Iranian companies, while preventing the US from vetoing the transactions and pursuing punitive measures on those companies and states that defied Trump. The payment balancing system will allow companies in Europe to buy Iranian goods, and vice-versa, without actual money-transfers between European and Iranian banks.

The statement came after the remaining signatures of JCPOA gathered in Vienna for a meeting that Iranian ministry spokesman Abbas Mousavi called "the last chance for the remaining parties…to gather and see how they can meet their commitments towards Iran."

Until today, Tehran was skeptical about EU's commitment to the deal and threatened to exceed the maximum amount of enriched uranium allowed it by the deal after US had imposed a series of sanctions on the country.

Meanwhile, opponents of Instex - almost exclusively the US - have argued that the mechanism is flawed because the Iranian institution designated to work with Instex, the Special Trade and Finance Instrument, has shareholders with links to entities already facing sanctions from the US.

The announcement sent oil sharply lower, with crude futures falling about $1/bbl in closing minutes before settlement, extending daily loss, as it means Iran now has a fully functioning pathway to receive payment for oil it exports to anyone it chooses.

The announcement will likely send president Trump off the rails, because in late May Bloomberg reported that as part of Trump's escalating battle with "European allies" over the fate of the Iran nuclear accord, he was "threatening penalties against the financial body created by Germany, the U.K. and France to shield trade with the Islamic Republic from U.S. sanctions" including the loss of access to the US financial system.

According to Bloomberg, the Treasury Department’s undersecretary for terrorism and financial intelligence, Sigal Mandelker, sent a letter on May 7 warning that Instex, the European SPV to sustain trade with Tehran, and anyone associated with it could be barred from the U.S. financial system if it goes into effect.

“I urge you to carefully consider the potential sanctions exposure of Instex,” Mandelker wrote in an ominous letter to Instex President Per Fischer. "Engaging in activities that run afoul of U.S. sanctions can result in severe consequences, including a loss of access to the U.S. financial system."

Here is a simpler summary of what just happened: this was the first official shot across the bow of the USD status as a global reserve currency, and not by America's adversaries but by its closest allies. And once those who benefit the most from the status quo openly revolt against it, the countdown to the end of the USD reserve status officially begins.

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This is only going to accelerate the de-dollarization movement which in the end might not work out in our favor. I don't know what we plan to do when hyperinflation hits….. mass defaults on all debt or mass debt forgiveness? We'll need a new currency and need to re-industrialize. That means a lot of free gibs going away and people will be forced to work, a lot of manual labor involved too. What Trump is thinking, who knows, but our allies could adopt alternatives and start dumping the USD in trade.

Already in the works. Cash-less currency, universal income and a social credit system. 3 in 1 slavery combo for the west after the jewish debt usury nullifies the entire economy, which is a crime that can only be covered up by…wait for it…yet another war. Black against White, Muslims against Christians, everyone against starvation. The "winner" receive slavery under the jew world order…unless US citizens start to exterminate jewish lives.

I plan on living off-grid if that ever happens, I have everything I need to become self-sufficient. I don't need the internet, its more or less a luxury to waste my time. Thank God I'm retired nowdays and will be dead before that ever happens.

Do what you can to bail from this system: >>>/prepare/1

Jim Willie predicted the US would do this 5 years ago and that our allies would simply start to bypass the US dollar in trade. What happened? He was mocked. He was ridiculed. He was scoffed at. He was threatened and told to shut up too. Well……. he was right.

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This is only going to accelerate the de-dollarization movement which in the end might not work out in our favor. I don't know what we plan to do when hyperinflation hits….. mass defaults on all debt or mass debt forgiveness? We'll need a new currency and need to re-industrialize. That means a lot of free gibs going away and people will be forced to work, a lot of manual labor involved too. What Trump is thinking, who knows, but our allies could adopt alternatives and start dumping the USD in trade.

tched by US, French, British and German officials said the trade mechanism which was proposed last summer and called Instex, is now operational.

As a reminder, last September, in order to maintain a financial relationship with Iran that can not be vetoed by the US, Europe unveiled a "Special Purpose Vehicle" to bypass SWIFT. The mechanism would facilitate transactions between European and Iranian companies, while preventing the US from vetoing the transactions and pursuing punitive measures on those companies and states that defied Trump. The payment balancing system will allow companies in Europe to buy Iranian goods, and vice-versa, without actual money-transfers between European and Iranian banks.

The statement came after the remaining signatures of JCPOA gathered in Vienna for a meeting that Iranian ministry spokesman Abbas Mousavi called "the last chance for the remaining parties…to gather and see how they can meet their commitments towards Iran."

Until today, Tehran was skeptical about EU's commitment to the deal and threatened to exceed the maximum amount of enriched uranium allowed it by the deal after US had imposed a series of sanctions on the country.

Meanwhile, opponents of Instex - almost exclusively the US - have argued that the mechanism is flawed because the Iranian institution designated to work with Instex, the Special Trade and Finance Instrument, has shareholders with links to entities already facing sanctions from the US.

The announcement sent oil sharply lower, with crude futures falling about $1/bbl in closing m

The statement came after the remaining signatures of JCPOA gathered in Vienna for a meeting that Iranian ministry spokesman Abbas Mousavi called "the last chance for the remaining parties…to gather and see how they can meet their commitments towards Iran."

Until today, Tehran was skeptical about EU's commitment to the deal and threatened to exceed the maximum amount of enriched uranium allowed it by the deal after US had imposed a series of sanctions on the country.

Meanwhile, opponents of Instex - almost exclusively the US - have argued that the mechanism is flawed because the Iranian institution designated to work with Instex, the Special Trade and Finance Instrument, has shareholders with links to entities already facing sanctions from the US.

The announcement sent oil sharply lower, with crude futures falling about $1/bbl in closing minutes before settlement, extending daily loss, as it means Iran now has a fully functioning pathway to receive payment for oil it exports to anyone it chooses.

Chicagoans are buried under so much pension debt it’s impossible to see how their city can avoid a fiscal collapse without major, structural reforms. The futility of paying down those debts becomes obvious when you try to figure out just who’s going to pay for it all.

The total amount of city, county and state retirement debt Chicagoans are on the hook for is $150 billion, based on Moody’s most recent pension data. Split that evenly across the city’s one million-plus households and you arrive at nearly $145,000 per household.

The announcement sent oil sharply lower, with crude futures falling about $1/bbl in closing minutes before settlement, extending daily loss, as it means Iran now has a fully functioning pathway to receive payment for oil it exports to anyone it chooses.

The announcement will likely send president Trump off the rails, because in late May Bloomberg reported that as part of Trump's escalating battle with "European allies" over the fate of the Iran nuclear accord, he was "threatening penalties against the financial body created by Germany, the U.K. and France to shield trade with the Islamic Republic from U.S. sanctions" including the loss of access to the US financial system.

According to Bloomberg, the Treasury Department’s undersecretary for terrorism and financial intelligence, Sigal Mandelker, sent a letter on May 7 warning that Instex, the European SPV to sustain trade with Tehran, and anyone associated with it could be barred from the U.S. financial system if it goes into effect.

“I urge you to carefully consider the potential sanctions exposure of Instex,” Mandelker wrote in an ominous letter to Instex President Per Fischer. "Engaging in activities that run afoul of U.S. sanctions can result in severe consequences, including a loss of access to the U.S. financial system."

Here is a simpler summary of what just happened: this was the first official shot across the bow of the USD status as a global reserve currency, and not by America's adversaries but by its closest allies. And once those who benefit the most from the status quo openly revolt against it, the countdown to the end of the USD reserve status officially begins.

ported that as part of Trump's escalating battle with "European allies" over the fate of the Iran nuclear accord, he was "threatening penalties against the financial body created by Germany, the U.K. and France to shield trade with the Islamic Republic from U.S. sanctions" including the loss of access to the US financial system.

According to Bloomberg, the Treasury Department’s undersecretary for terrorism and financial intelligence, Sigal Mandelker, sent a letter on May 7 warning that Instex, the European SPV to sustain trade with Tehran, and anyone associated with it could be barred from the U.S. financial system if it goes into effect.

“I urge you to carefully consider the potential sanctions exposure of Instex,” Mandelker wrote in an ominous letter to Inste

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Here is a simpler summary of what just happened: this was the first official shot across the bow of the USD status as a global reserve currency, and not by America's adversaries but by its closest allies. And once those who benefit the most from the status quo openly revolt against it, the countdown to the end of the USD reserve status officially begins.

Here is a simpler summary of what just happened: this was the first official shot across the bow of the USD status as a global reserve currency, and not by America's adversaries but by its closest allies. And once those who benefit the most from the status quo openly revolt against it, the countdown to the end of the USD reserve status officially begins.

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The total amount of city, county and state retirement debt Chicagoans are on the hook for is $150 billion, based on Moody’s most recent pension data. Split that evenly across the city’s one million-plus households and you arrive at nearly $145,000 per household.

That’s an outrageous amount, but it would be a clean solution if each and every Chicago household could simply absorb $145,000 in government retirement debt. The problem is most can’t.

One-fifth of Chicagoans live in poverty and nearly half of all Chicago households make less than $50,000 a year. It wouldn’t just be wrong to try and squeeze those Chicagoans further, but pointless. They don’t have the money.

So if that won’t work, why not just put all the burden on Chicago’s “rich?” After all, Illinois lawmakers are pushing progressive tax schemes as the panacea for Illinois’ problems.

If households earning $200,000 or more are the target, they’ll be on the hook for more than $2 million each in government retirement debts. That’s an outrageous burden, too.das ed ds ew

The total amount of city, county and state retirement debt Chicagoans are on the hook for is $150 billion, based on Moody’s most recent pension data. Split that evenly across the city’s one million-plus households and you arrive at nearly $145,000 per household.

That’s an outrageous amount, but it would be a clean solution if each and every Chicago household could simply absorb $145,000 in government retirement debt. The problem is most can’t.

One-fifth of Chicagoans live in poverty and nearly half of all Chicago households make less than $50,000 a year. It wouldn’t just be wrong to try and squeeze those Chicagoans further, but pointless. They don’t have the money.

So if that won’t work, why not just put all the burden on Chicago’s “rich?” After all, Illinois lawmakers are pushing progressive tax schemes as the panacea for Illinois’ problems.

If households earning $200,000 or more are the target, they’ll be on the hook for more than $2 mil lion each in government retirement debts. That’s an outrageous burden, too.

actual news

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