In a move sure to unleash fury from the Trump administration, the European Union has announced it has set up a transactions channel with Iran to bypass U.S. sanctions. The launch of INSTEX — or "Instrument in Support of Trade Exchanges" — by France, Germany, and the UK will allow non-dollar trade with Iran and is being described as facilitating
EU Launches INSTEX To Facilitate Trade, Bypass US Sanctions on Iran
Secretary of State Mike Pompeo previously warned of “swift punishment” for countries doing business with Iran, thus INSTEX is seen as a first small step toward greater European economic independence.