Europe Opens Channel for Trade With Iran

Nations move to restore business without putting banks in the crosshairs of U.S. sanctions

France, Britain and Germany, defying threats from Washington, are this week executing their plans to set up a special-payments company to secure some trade with Iran and blunt the impact of U.S. sanctions.

In the short term, the new company is expected to struggle to achieve even its initial goal of enabling Tehran to import vital food and drugs at affordable prices.

After...