Recently INSTEX was in news it is related to ........

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Recently INSTEX was in news, it is related to

A new Index to measure international steel production.

Payment mechanism being setup by the European Union to secure trade with Iran.

It is a bilateral naval exercise between India and Sri Lanka.

An international standard for settling international bank transaction.

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Explanation:

INSTEX is a special payment system which will help to save the Iran nuclear deal by allowing Tehran to keep trading with EU companies despite Washington re-imposing sanctions.

INSTEX is registered at Paris with an initial 3,000 Euros in the capital and a supervisory board with members from France and Germany and chaired by the UK. INSTEX will support legitimate European trade with Iran, focusing initially on the sectors most essential to the Iranian population such as pharmaceutical, medical devices and agri-food goods. INSTEX is primarily aimed at small and medium-sized companies.