Germany, France and Britain officially set up a European payment channel with Iran called INSTEX, to help continue trade with Tehran and circumvent US sanctions.
The channel, set up by Germany, France and the UK, is called INSTEX, an abbreviation for "Instrument in Support of Trade Exchanges". INSTEX will be based in Paris and be managed by a German banking expert. Britain will head the supervisory board. Europeans are reportedly going 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.