An Iranian flag flutters in front of the United Nations headquarters, during an International Atomic Energy Agency (IAEA) board of governors meeting in Vienna, March 2015.
Heinz-Peter Bader / REUTERS

On January 31, 2019, France, Germany, and the United Kingdom announced their most substantive move yet to save the 2015 Iran nuclear deal, to which they are signatories, from collapse. With the European Union’s blessing, the three states established a special channel that shields trade with Iran from U.S. sanctions. The Instrument in Support of Trade Exchanges, or INSTEX, as the channel is called, holds out the possibility that Europe can yet salvage the nuclear agreement’s core bargain: that Iran was to limit its nuclear activities in return for the normalization of economic relations. The preservation of this arrangement will

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