Recently we saw that EU and Iran devised an instrument called INSTEX to avoid dealing in dollars and hence avoid US sanctions. Similar thing is being planned between India and Russia (regarding S-400 deal) to avoid sanctions from US under CAATSA.
I don't understand how changing the currency under the deal circumvents the problem. Isn't the whole problem is regarding deal itself rather that the currency? US can still impose sanctions if it gets to know that a deal has happened. Then how does this INSTEX work?
Sorry if I posted it on the wrong platform. I don't know where to go for such international, political and economical questions.