Germany, France, and the United Kingdom unveiled the Instrument In Support Of Trade Exchanges (INSTEX) — a new channel with Iran intended to provide a means for the European parties to comply with the terms of the 2015 nuclear deal, of which the United States is no longer a party. In the ThinkProgress article "Europe sidesteps U.S., creates new vehicle to continue doing trade with Iran," Mehrzad Boroujerdi says it's unclear how effective INSTEX will be. "Based on the reservations expressed by major corporations, I doubt that too many big European firms would be willing to deal with Iran through this channel," he says. "Yes, you don’t have to use dollar as the currency, but America’s power can come to hurt them in other ways such as secondary sanctions, bad publicity, etc." 02/01/19