The U.S. has imposed new sanctions on Iran which will make ANY trade with the country very difficult:

[T]he Trump administration has decided to impose yet further sanctions on the country, this time targeting the entirety of the Iranian financial sector. These new measures carry biting secondary sanctions effects that cut off third parties’ access to the U.S. financial sector if they engage with Iran’s financial sector. Since the idea was first floated publicly, many have argued that sanctioning Iran’s financial sector would eviscerate what humanitarian trade has survived the heavy hand of existing U.S. sanctions.

Behind the move was pressure from the Zionist lobby. President Trump is in need campaign funds and the lobby provides those. The move is also designed to preempt any attempts by a potentially new administration to revive the nuclear agreement with Iran:

This idea appears to have first been introduced into public discourse in an

Aug. 25, 2020, Wall Street Journal article by Mark Dubowitz and Richard Goldberg urging the Trump administration to “[b]uild an Iranian [s]anctions [w]all” to prevent any future Biden administration from returning to the Joint Comprehensive Plan of Action (JCPOA), the nuclear accord between Iran and the world’s major powers on which President Donald Trump reneged in May 2018.

The new sanctions will stop all trade between the 'western' countries and Iran.

The Foreign Minister of Iran responded with defiance:

Javad Zarif @JZarif -

17:30 UTC · Oct 8, 2020

Amid Covid19 pandemic, U.S. regime wants to blow up our remaining channels to pay for food & medicine.

Iranians WILL survive this latest of cruelties.

But conspiring to starve a population is a crime against humanity. Culprits & enablers—who block our money—WILL face justice.

In response Iran will continue its turn to the east. Russia, China and probably India will keep payment channels with Iran open or will make barter deals.

The Europeans, who so far have not dared to counter U.S. sanctions on Iran, are likely to be again shown as the feckless U.S. ass kissers they have always been. They will thereby loose out in a market with 85 million people that has the resources to pay for their high value products. If they stop trade of humanitarian goods with Iran they will also show that their much vaunted 'values' mean nothing.

The European Union claims that it wants to be an independent actor on the world stage. If that is to be taken seriously this would be the moment to demonstrate it.