The EU to Set Up Payment System to Bypass U.S. Sanctions against Iran

Iran meets the “nuclear deal”, it means that European companies can trade with the country bypassing new sanctions imposed by the United States, said EU’s foreign policy chief Federica Mogherini. The European Union will establish a “Special Purpose Vehicle” to allow companies to continue doing business with Iran, bypassing new sanctions imposed by the United States, reported the High Representative of the Union for Foreign Affairs and Security Policy Federica Mogherini in September 25 after her meeting with representatives of Britain, France, Germany, Russia, China and Iran. The parties said that Tehran meets the “nuclear deal” the United States unilaterally abandoned. A legal entity to facilitate legitimate financial transactions with Iran and allow European companies to continue to trade with Iran bypassing U.S. sanctions imposed. Source: DW