The European Union on Tuesday announced how it will circumvent U.S. sanctions against Iran. But EU foreign policy chief Federica Mogherini’s plan won’t work.

On paper, it seems clever. Establishing a so-called “special purpose vehicle” or facilitation base for transactions between European companies and Iran, the EU hopes to insulate those companies from U.S. sanctions. Some of those sanctions have already been introduced by the Trump administration, but far more significant sanctions will come into force in early November.