Nick Schifrin:

When the U.S., Iran, and the Europeans signed the 2014 nuclear deal, Iran froze its nuclear program in exchange for billions of dollars in economic benefits.

The Trump administration's withdrawal from the deal meant Iran never received much of the revenue it was promised, which is why the Europeans today announced a company, financed by Germany, France and U.K., that's designed to allow Iran to both gain some of that revenue, and keep them in the nuclear deal.

The new company is a kind of clearinghouse that allows Iran to trade goods with foreign companies without any money exchanged. That means they avoid U.S. banks and U.S. dollars, so they could avoid U.S. sanctions.

The Europeans say the first goods that Iran will receive include drugs and medical devices, which Iran needs.

To talk about this, I'm joined by David O'Sullivan, the European Union ambassador to the U.S.

Ambassador, thank you very much. Welcome back to the "NewsHour."