However, France, Germany and Britain defied US threats and recently launched the Instrument in Support of Trade Exchange (INSTEX), a financial mechanism meant to protect Tehran-Europe trade ties against the sanctions. . ..…

It is the 'Instrument in Support of Trade Exchanges', or Instex. The EU's high representative for foreign affairs, Federica Mogherini, said that 'the instrument launched today will provide economic operators with the necessary framework to pursue legitimate trade with Iran'. . ..…