Through the Instex mechanism created by France, Britain and Germany, the first financial transactions have already been carried out to trade with Iran, DW reported.
"France, Germany, and the United Kingdom informed participants that INSTEX had been made operational and available to all EU member states, and that the first transactions are being processed," said an EU statement.
INSTEX will function as a diplomatic shield allowing the exchange of goods without requiring direct transfers of money between Iranian-EU companies.