Instrument In Support Of Trade Exchanges

Consider the following given statements about the Instrument in Support of Trade Exchanges (INSTEX):

  1. INSTEX was established by France, Germany and the United Kingdom in January 2019, to allow European entities to maintain trade with Iran.
  2. The Paris-based INSTEX functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange.

Choose the correct answer from the codes given below:

Only 1
Only 2
Both 1 and 2
Neither 1 nor 2