SPVs as a Multilateral Financial and Political Solution: Evaluating the INSTEX Case

Authors : Bahar Akın

Pages : 1377-1391

Doi:10.30586/pek.1662215

View : 169 | Download : 421

Publication Date : 2025-12-23

Article Type : Research Paper

Abstract :International relations initially developed through bilateral interactions. While multilateral agreements expanded significantly after World War II, their origins predate this era, reflecting efforts to manage the international implications of sovereignty. The establishment of the League of Nations in 1919 and later the United Nations marked critical milestones in shaping multilateral cooperation. Today, multilateralism functions as a key mechanism for fostering coordination and stability in an interconnected world. International regimes and institutions enhance predictability, reduce uncertainty, facilitate negotiations, and enable cooperation across diverse issue areas. Regime theory provides a conceptual lens to explain how cooperation emerges and persists in an anarchic international system, assessing the principles, norms, rules, and decision-making procedures that structure collective action in fields such as trade, finance, security, and disarmament. This article examines whether the Instrument in Support of Trade Exchanges (INSTEX SAS) can be classified as an international regime within the framework of regime theory, drawing on Stephen D. Krasner’s widely recognized definition. It evaluates the institutional design and functional mechanisms of INSTEX through case studies on Iran, while offering initial references to North Korea as a potential area of expansion. Moreover, it situates INSTEX within the broader spectrum of alternative financial instruments by analytically comparing it with other special purpose vehicles (SPVs) created for similar objectives. The findings illuminate whether such mechanisms act solely as policy tools or hold the capacity to evolve into durable regimes, underscoring the critical role of political, institutional, and economic factors in shaping their sustainability and global relevance.
Keywords : INSTEX, SPV, Yaptırımlar, Uluslararası Rejimler, Çok Taraflılık, Nükleer Yayılmanın önlenmesi ve silahsızlanma

ORIGINAL ARTICLE URL