Tehran Times

Abdolnaser Hemmati made the announcement on social media, “The details of the European Special Purpose Vehicle (SPV) for trade between Iran and the EU were discussed at a meeting in Brussels last week.”

The official emphasized that the discussed financial channel is in fact some sort of bilateral monetary treaty between the two sides.

The treaty aims to help Iranian and European companies and entrepreneurs to establish and maintain business relations with each other.

EU powers, namely France, Germany and Britain, and Iran have been in talks over launching this payments channel for months, which would enable European companies to trade with Iran as part of efforts to defy U.S. sanctions and keep alive a landmark nuclear deal with Tehran.