Seven central banks have agreed to establish a special payments channel to facilitate payments for Iran and turn this channel into an institution in the future, Foreign Minister Mohammad Javad Zarif said, answering a question about the details of the payment mechanism announced by the EU.
He said the European countries’ efforts in recent months to find ways to maintain trade with Iran following the reinstatement of unilateral US sanctions.
The EU, along with Russia and China, said in a joint statement that the so-called "Special Purpose Vehicle" will "assist and reassure economic operators pursuing legitimate business with Iran".
The statement added that the six countries signatory to the 2015 nuclear agreement "reconfirmed their commitment to its full and effective implementation in good faith and in a constructive atmosphere".
A second round of US sanctions is expected in November, aimed at putting a stranglehold on Iranian oil exports.
Meanwhile, the EU has vowed to stick with the deal and updated legislation to protect European companies from future sanctions.
The EU, US allies and the international nuclear watchdog IAEA maintain that Iran continues to abide by the terms of the agreement.