Reuters - The European Union�s foreign policy chief, Federica Mogherini, said on Wednesday a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran could be in place �before November.�

The SPV aims to keep trade flowing even if possible U.S. sanctions hit Tehran. Asked at an event in New York when it could be established, Mogherini said: �I believe before November.�

Asked if the United States� pulling out of the Iran deal could be a serious challenge to the U.S. dollar as reserve currency in the context of the creation of the SPV, Mogherini said �it is still an initial stage, but this could be a result of that. For sure, it has made us and other parts of the world wonder what kind of (financial) autonomy we have.�

Even as she said she continues to consider the United States the EU�s strongest ally, Mogherini said �no sovereign country or organization can accept that somebody else decides with whom you are allowed to do trade with.�

European diplomats have previously described the SPV proposal as a means to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

Reporting by Rodrigo Campos; Editing by James Dalgleish and Jonathan Oatis