After months of deliberations, European countries have set up the special payment channel to handle trade with Iran that would allow transactions with Iran, including oil, as the European Union (EU) still works to salvage the nuclear deal with Iran, German broadcaster NDR reported on Thursday. Germany, France, and the UK have created the payment channel— ‘Instrument in Support Of Trade Exchanges’ (INSTEX)—which will be an alternative channel for transactions with Iran. INSTEX will be based in Paris and managed by an experienced German banker, while the UK will chair the vehicle’s supervisory board, according to the German broadcaster. Months before the U.S. sanctions on Iran’s oil returned, the EU pledged to create a new payment system, the so-called special-purpose vehicle (SPV), that “will assist and provide reassurance to European businesses wishing to continue trading with Iran, mitigating the effect of re-imposed US sanctions, in accordance with European Law.” […]