By Jubin Katiraie
The EU announced the establishment of a special purpose vehicle (SPV) to handle trade between EU countries and the Iranian regime on January 31, but this received significantly less positive media attention than some of its defenders would have liked. In fact, many in the media questioned why INSTEX was even created and what good it would do. This is far from the miracle cure that Iran was hoping for and more akin to putting a band-aid on a bullet hole.
Why was INSTEX created?