EU to devise finance tool for Iran: media

PanARMENIAN.Net - The European Union is trying to form a payment channel for doing business with Iran running counter to the US sanctions against Iran, Western media reported, according to IRNA.

'EU powers are in talks over launching a payments channel that would enable European companies to trade with Iran as part of efforts to defy US sanctions and keep alive a landmark nuclear deal with Tehran,' Financial Times reported on Friday.

According to the report, France, Germany and Britain as the European signatories to the nuclear deal, plus EU officials are working on a financial channel by the November's deadline that the US main sanctions on Iran will take effect.

'The goal of European policymakers is to help both EU and Iranian businesses preserve the commercial benefits that persuaded Tehran to sign the 2015 agreement to curb its atomic energy programme,' the British daily quoted diplomats as saying.

Financial Times has also cited remarks of French, German and UK spokespersons to confirm that there are efforts underway to devise a means to keep economic relations with Iran, including buying oil.

The EU in line with its vows to preserve the nuclear deal after the US withdrew from it in May has also restored 'blocking statute', a mechanism which is aimed to deter European companies from complying with US sanctions on trade with Iran.