On Friday, the European Commission is proposing that EU governments make direct money transfers to Iran’s central bank to avoid U.S. penalties, after Washington reimposed new sanctions. The step, which would seek to bypass the U.S. financial system, would allow European companies to repay Iran for oil exports and repatriate Iranian funds in Europe. The European Union, once Iran’s biggest oil importer, is determined to save the nuclear accord, that U.S. President Donald Trump abandoned on May 8.