Information received from German officials:
1. INSTEX is currently working on a Tax structure to be used once operational, based on their counterpart SATMA which is located in Kish Island – Iran’s free trade zone.
Their main idea is to circulate all revenues via Kish in order to avoid tax payment in Europe, which will subsequently improve their performance profit wise.
2. German members at INSTEX are steering its financial activity towards German banks (eg. Commerzbank AG) and in Eastern Europe, where German banks have financial partners as subsidiaries and other financial interests in various local banks owned partially by the Iranian government, (eg. TCB-Trade Capital Bank, NEB-North European Bank – Belarus, Association of Belorussian banks).
3. The German members at INSTEX prefer German financial institutes to make the most out of the commission generated through INSTEX’s – SATMA’s activities, rather than allowing the other members of INSTEX to do so.
Surprisingly enough, it was clearly indicated Mr. Per Fischer is in charge of making all efforts to realize the above scheme.
4. INSTEX are making all the financial structuring preparation which will enable them to provide their payment service to support oil export from Iran as soon as possible.
As it was also recently mentioned by the Iranian ambassador to India:
INSTEX second operational stage will also deal with Iranian oil export transactions.
5. In light of the information above, German banks and German interests are expected to gain substantial income in the foreseeable future, which will grow higher as Instex’s transaction volume will raise (via oil deals).