Europe seeks workaround
As U.S. sanctions against Iran took effect Monday, European officials remained determined to go their own way, but their progress has been halting. The Europeans consider the 2015 Iran nuclear deal crucial to their national interests and say they intend to keep honoring it. But to date, the Europeans have found it difficult to set up an alternative payment mechanism to sidestep the U.S.-dominated banking system and allow Iran to sell its oil and goods. So far, no European country has agreed to host the so-called special purpose vehicle, which would act as a clearinghouse, for fear of U.S. retaliation.
New York Times