The EU has created a mechanism that will allow European countries to trade with Iran despite US sanctions. The move is an attempt to show good will toward Iran and keep it in the 2015 nuclear deal.
The European Union announced that its INSTEX mechanism to facilitate trade with Iran was up and running on Friday.
"France, Germany, and the United Kingdom informed participants that INSTEX had been made operational and available to all EU member states, and that the first transactions are being processed," said an EU statement.
INSTEX, which stands for Instrument in Support of Trade Exchanges, is a payment system that will allow companies to trade with Iran despite harsh US sanctions. It will function as a diplomatic shield allowing the exchange of goods without requiring direct transfers of money between Iran and EU companies.
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Update: EU makes last-ditch effort to keep Iran from leaving nuclear deal (The Guardian)
WNU Editor: The Iranians are not impressed, they cannot sell their oil with this EU mechanism .... Iran says European efforts to salvage nuclear deal are not enough (CNBC).
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