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    Europe wants to establish a trade conduit with Iran. Here's what that means

    by Nabih Bulos, Los Angeles Times Jul 15, 2019 5 minutes

    BEIRUT - As Iran presses on with its gradual dismantling of terms set by the 2015 nuclear deal, and while tensions with the U.S. increase ever higher, European signatories say a new financial mechanism can salvage the accord.

    That mechanism, INSTEX, aims to provide Iran with an incentive to stay in the Joint Comprehensive Plan of Action (JCPOA) despite the United States' withdrawal from the deal last year.

    In May, on the anniversary of that withdrawal, Iran began a careful but escalating campaign of enriching and stockpiling uranium beyond the deal's limits.

    If INSTEX doesn't compensate Iran for staying in the deal even as the U.S. levies additional sanctions, among other measures, Tehran has threatened to walk away from the accord altogether.

    - What is INSTEX?

    At its heart, INSTEX - the

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