EU-Iran trade vehicle unlikely to meet anti-money-laundering norms: U.S.

France, Britain and Germany have set up the special purpose vehicle called Instex, a conduit for barter-based trade with Iran, in an effort to protect at least some of Iran's economy from sweeping U.S. sanctions and keep alive a big-power nuclear deal that Washington is about to quit. The three European Union members have been trying to get Iran to keep its commitments under the deal to cut back its nuclear program - which Washington distrusts - by helping it to circumvent the trade sanctions that Washington has reimposed.

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