On Friday, a statement from the European Union announced that a new system to bypass US sanctions on trade with Iran had been launched. INSTEX, the Instrument in Support of Trade Exchanges, is now operational for all member states of the EU. The system functions as a clearing house for trade between EU businesses and Iran, allowing trade to be conducted without direct flow of euros to Iran or rials to the EU. Initially, INSTEX will only process trade in non-sanctioned goods such as food and medical supplies. However, future…