In the background, the Islamic Revolutionary Guard Corps captured the British tanker Stena Impero and its 23 crew members in the Gulf on 19 July, provoked by the UK detaining an Iranian tanker off Gibraltar to stop it taking oil to Syria, which some reports indicate followed pressure from the US. The EU has remained fairly silent on the matter, and Britain is contending with a possible no-deal Brexit under newly appointed prime minister Boris Johnson. While these issues remain separate from INSTEX, the mechanism’s application, membership, scope and survival could prove to be a diplomatic minefield in the current geopolitical environment.
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The EU Has Figured Out a Way to Trade with Iran. Here’s What You Need to Know