"SWIFT" is already in Belgium and INSTEX isn't a SWIFT replacement. This isn't a technical problem (one can transfer money other ways as well, for example). If

"SWIFT" is already in Belgium and INSTEX isn't a SWIFT replacement. This isn't a technical problem (one can transfer money other ways as well, for example). If an entity does business with Iran it risks being put on the US Entity List (think Huawei) or other sanctions. US influence currently is still far reaching and many businesses don't want to risk (future) complications for little gain (Iran isn't that large of an economy). The calculus changes if it is a market as large as China, though.