EU, Iran set financial 'vehicle' to ease trade between them

Ali Akbar Velayati a senior advisor to Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei

Ali Akbar Velayati a senior advisor to Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei

"Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a special objective vehicle to facilitate payments related to Iran's exports, including oil", European Union foreign policy chief Federica Mogherini told reporters after a meeting of senior officials from Britain, China, France, Germany, Russia and Iran.

"The evil and adventurous American president has focused on an economic war and cruel sanctions to deviate the Iranian nation from the revolutionary values and its national interests", the corps said in a statement published on state media and reported by the Reuters news agency.

The remaining parties to the Iran nuclear deal said on Monday that they agreed to continue work to create a special mechanism to maintain trade with Iran, including in oil, following the United States withdrawal from the 2015 pact.

The United Kingdom, France, and Germany have signed an agreement with Russian Federation and China to circumvent US sanctions on Iran.

The new mechanism will "assist and reassure economic operators pursuing legitimate business with Iran", they added.

The joint statement said the six countries that signed the 2015 nuclear agreement "reconfirmed their commitment to its full and effective implementation in good faith and in a constructive atmosphere".

The US administration reintroduced the previous sanctions while imposing new ones on the Islamic Republic. "If (U.S. President Donald) Trump wants to talk to Iran, then he first should return to the (2015) nuclear deal first", the ISNA news agency quoted Rouhani as saying in a meeting with senior editors of foreign media in NY.

Iranian "ghost tankers" are dismantling their vessel tracking systems upon leaving the Strait of Hormuz in a bid to sell oil secretly around the world as Tehran braces for the Trump administration to reimpose harsh sanctions on its energy sector.

Meanwhile, the EU has vowed to stick with the deal and updated legislation to protect European companies from future sanctions.

Mogherini said on Monday the decision to set up such a vehicle had already been taken and that technical experts would meet again to flesh out the details.

Why do these nations want a deal with Iran?

It saw Iran limit its nuclear activities in exchange for sanctions relief.

"There will be no involvement of commercial banks and central banks, both of whom are terrified at the prospect of U.S. retribution if they are seen to be going against USA sanctions".

"They have been quite upset about going against worldwide norms of pulling out of the agreement".

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