Iran on 19 March set up the ‘Special Trade and Financial Instrument’ (STFI) to serve as a counterparty to Europe’s special payments mechanism, the Instrument for Supporting Trade Exchanges (Instex).

Instex was launched in Paris on 31 January to facilitate non-dollar trade between Iran and Europe and try to sidestep US sanctions (MEES, 8 February). Iran has also since made some progress in meeting the EU’s demands on anti-money laundering regulations (MEES, 1 March)....