Europe has found a way of circumventing U.S. sanctions on Iran. They claim that Iran is complying with the terms of the deal, and the U.S.’s decision to reimpose sanctions was unjustified. If SWIFT wouldn’t help, they would create something to replace SWIFT for Iranian trade. INSTEX matches the Euro payments of companies buying goods from Iran with the Euro receipts of companies selling goods to Iran. The fact that INSTEX's implementation went ahead despite President Trump imposing additional sanctions on Iran shows how little support there is in Europe for the U.S. administration's belligerence.

Source: Forbes June 30, 2019 13:21 UTC