EU, Iran Working on Details of Direct Money Transfers: Official

Speaking to reporters after a meeting with Iran’s energy minister in Tehran on Saturday, Miguel Arias Canete highlighted the EU’s efforts to boost energy cooperation with Iran.

The commissioner, who also met with Iran’s nuclear chief and oil minister earlier in the day, said he has put forward the EU’s proposal that European governments make direct money transfers to Iran's central bank.

The proposal and details of the practical solutions are being worked out by the two sides, he added, expressing the hope that direct transfers of money to Iran would settle sanction-related problems.

It is not all about transferring money, Canete explained, adding that various issues should be discussed and problems should be detected step by step.

Efforts are underway to convince European companies that investment conditions in Iran are stable and to support companies willing to invest in Iran.

The new EU proposal, which seeks to bypass the US financial system, would allow European companies to repay Iran for oil exports and repatriate Iranian funds in Europe to avoid US penalties.

In a speech from the White House on May 8, US President Donald Trump accused Iran of sponsoring terrorism and seeking nukes before announcing the US withdrawal from the 2015 agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

He also reimposed US sanctions against Iran.

Following the controversial decision, Iranian President Hassan Rouhani said Iran weighs plans to remain in the agreement, known as the Joint Comprehensive Plan of Action (JCPOA), with the other five parties, provided that they ensure full benefits for Iran.

Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei has underlined that any decision to keep the deal running without the US should be conditional on “practical guarantees” from the three European parties to the JCPOA.