Vice President Hails Establishment of European System for Business with Iran
TEHRAN (Tasnim) – Iran’s vice president for economic affairs praised the European Union’s decision to set up a payment system to allow oil companies and businesses to continue trading with Iran for evading the US sanctions as a major step forward.
Speaking to reporters at the conclusion of a weekly cabinet session in Tehran on Wednesday, Mohammad Nahavandian said the new European mechanism for continued trade with Iran which has been announced by EU Foreign Policy Chief Federica Mogherini was an “important and forward step.”
He said the idea of establishing such a mechanism was being considered as a practical way to address the US sanctions against the companies and banks working with Iran.
The new entity will handle the transfer of Iran’s income from the sale of oil and non-oil products, Nahavandian noted, adding that the US sanctions would not affect the mechanism given the supports from the European Union and the G4+1 (Russia, China, Britain, France and Germany).
The European Union said on Monday that its members would set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions after the US withdrew from the 2015 nuclear agreement between Tehran and world powers.
The countries said in a statement that they were determined "to protect the freedom of their economic operators to pursue legitimate business with Iran."
With the United States and the dollar dominating so much of global trade, the statement said the new mechanism would "facilitate payments related to Iran's exports (including oil) and imports, which will assist and reassure economic operators pursuing legitimate business with Iran."
