INSTEX may soon be ready, Mogherini told a joint press conference after talks with Pakistani Foreign Minister Shah Mahmood Qureshi in Brussels.
"We are trying all we could and we continue to do all we can to maintain the implementation of the Iran nuclear deal intact. We will continue to do so in these days, the most difficult days for the nuclear deal you can imagine," she said.
"The deal in itself has mechanisms and steps that can be taken in case of non-compliance with the agreement but the focus is to keep the agreement in place," the EU foreign policy chief stressed.
"We have been working a lot with our member states a mechanism to allow legitimate trade with Iran. I believe now this is ready to be operational and I hope that this is something that can help Iran (remain) compliant with the agreement as it has done so far," Mogherini said.
INSTEX is planned to be based in Paris and be managed by a German banking expert. Britain will head the supervisory board.
On May 8, 2018, US President Donald Trump pulled his country out of the 2015 nuclear deal between Tehran and world powers.
Following the US withdrawal, Iran and the remaining parties launched talks to save the accord.
The European Union has vowed to counter Trump’s renewed sanctions on Iran, including by means of a new law to shield European companies from punitive measures, but it has so far failed to do anything beyond making statements.