7 European banks ready to work with Iran during sanctions: Zarif

Iranian Foreign Minister Mohammad Javad Zarif said that the central banks of seven European states are ready to work with Iran despite the impending U.S. sanctions, Tasnim news agency reported on Saturday.

The banks have agreed to create a special mechanism to facilitate financial transactions with the Islamic republic once the U.S. financial sanctions against Iran come into force in November, Zarif said.

This is a useful solution because the financial institutions, which might be sanctioned for trading with Iran, can be immune from the U.S. sanctions, Zarif said.

The Europeans have made extensive efforts to save the 2015 nuclear deal over the past few months, he added.

On Sept. 24, Federica Mogherini, the EU foreign affairs and security policy chief, said the European bloc would set up a legal entity to facilitate legitimate financial transactions with Iran after the U.S. withdrawal from the 2015 Iranian nuclear deal and reimposition of sanctions on the Islamic republic.

After the U.S. pullout from the Iranian nuclear deal in May, the remaining parties including the EU have been trying to keep the deal afloat.

Following the first wave of sanctions reimposed on Iran, U.S. President Donald Trump vowed to reimpose oil and banking sanctions on Iran, which were lifted under the 2015 deal.
Sources: Iran Chamber of Commerce

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