It's a sign of the Trump administration's isolation on the world stage when it comes to the Iran nuclear deal, as it tries to cripple Iran financially and drive it to the negotiating table for a "more comprehensive deal" -- something Iran has said won't happen. [...]
Under the JCPOA, Iran agreed to limitations on and inspections of its nuclear program in exchange for lifting most sanctions on the country. But after President Donald Trump withdrew the U.S. from the accord in May 2018, the U.S. has reimposed sanctions, including on Iran's oil exports, and tried to enforce them vigorously. That's scared away European businesses from Iran and caused the country's economy to contract dramatically. [...]
The European Union announced Friday that INSTEX, its mechanism for financial transactions that will bypass U.S. sanctions, is finally operational, and two or three transactions are already being executed, according to Araghchi. Several European countries have already announced that they will join, and perhaps even more important to its success, China also expressed interest Friday.
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