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Europe's Iran Trade Flop
(Wall Street Journal) Editorial - European diplomats have convinced themselves that they must abide by the flawed 2015 nuclear deal with Iran to demonstrate their credibility. The European Commission, Germany, France and the UK are clinging to the agreement out of fear that Tehran might start developing the nuclear weapons Tehran intends to develop eventually anyway. Yet already the new Instrument for Supporting Trade Exchange (Instex) to allow EU companies to keep trading with Iran is shaping up to be a major flop. It will facilitate only trade in humanitarian goods not covered by U.S. sanctions. Most large companies are likely to avoid trading via Instex in any case, for fear of legal problems in Washington if Iran misdirects the proceeds.