MNA – Former German diplomat Michael Bock was appointed as the new chairman of EU trade mechanism with Iran dubbed “INSTEX”.







Following talks between the German Foreign Ministry and other European partners, the former 66-year-old German ambassador to Colombia, Egypt and Sweden was elected as the new head of the INSTEX, the Der Spiegel magazine reported early on Friday morning.

The first German candidate for the INSTEX leadership, former ambassador Bernd Erbel, had resigned from his post in early August.  So far, INSTEX has not done business despite intense efforts. Berlin and Paris had always emphasized that, above all, they wanted to enable businesses to alleviate the worsening supply situation in Iran.

In order to finalize implementation of INSTEX, a company was set up and registered in France’s capital Paris on Jan. 31, 2019 with the initial capital of 3,000 euro.