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German media reports that Germany, France and the UK have set up a payment channel with Iran called INSTEX, to help continue trade and circumvent US sanctions. The question is, how will Washington react?
Several European countries have registered a transaction channel with Iran in order to facilitate trade despite US sanctions, German public broadcaster NDR reported on Thursday.
The channel, set up by Germany, France and the UK, is called INSTEX — short for "Instrument in Support of Trade Exchanges."
The payment channel would allow for European countries to continue trade with Iran but could put them on a collision course with Washington.
Read more: Iran sanctions: 5 things to know
A "Special Purpose Vehicle" that will allow European businesses to trade with Iran, despite strict US sanctions.
According to NDR, INSTEX will be based in Paris and be managed by a German banking expert. The UK will head the supervisory board.
The European side intends to use the channel initially only to sell food, medicine and medical devices in Iran. However, it will be possible to expand it in the future.
Belgian Foreign Minister Didier Reynders said that Europe did share US concerns about Iran but "at the end of the day it will be companies that decide whether or not they want to work in Iran, bearing in mind the risk of American sanctions."
Attempt to save Iran nuclear deal: US President Donald Trump's government has warned the European Union against trying to sidestep sanctions on Iran. Trump pulled the US out of the 2015 Iran nuclear deal and reimposed sanctions last year. Along with fellow signatories Russia and China, the EU maintains that Iran has not broken its side of the deal and should be allowed to trade.
Read more: US policy spreads gloom in Iran
EU-Iran relations tested: Although Europe has been willing to show good faith since the US left the nuclear deal, relations with Tehran have worsened recently. The EU imposed sanctions this month over Oran's missile tests and assassination plots on European soil.
Annoucement scheduled at EU meeting:
Further details about INSTEX are due to be revealed later on Thursday at a meeting of EU defense and foreign ministers in Bucharest.
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