Financial Tribune - With the European Union�s failure to officially launch its mechanisms to counter the United States� sanctions against Iran, it is essential for the country to actively pursue economic diplomacy and bolster domestic economy to alleviate the pressure, a lawmaker said.

Iran came under US sanctions once more after US President Donald Trump unilaterally pulled his country out of the 2015 multinational nuclear deal, or the Joint Comprehensive Plan of Action, in May.

To save the accord, European signatories proposed to establish a financial mechanism, known as the Special Purpose Vehicle, to maintain trade with Iran on a non-dollar basis.