EU’s trade mechanism to be set up soon despite US pressure

MNA – Deputy Oil Minister Zamaninia said Sun. that despite US pressure, the EU’s payment system aimed at facilitating trade with Iran will be set up soon.

Amir Hossein Zamaninia, deputy oil minister, said at an oil exporters union conference on Sunday that Europeans are making daily contacts for the establishment of a trade mechanism independent of the dollar to bypass the US sanctions, adding “despite the US pressure, none of European officials have ever said setting up the payment system would be impossible, and it won’t be long before these efforts bear fruit.”

He stressed that once the Special Purpose Vehicle (SPV) is put in place, it will contribute a lot to the expansion of economic relations between European countries with the rest of the world.

The deputy minister went on to note, whoever, that the EU’s trade mechanism will not solve all of Iran’s economic problems, adding “we are not waiting on hand and foot for the establishment of this mechanism, and will continue with our own plans in the absence of the SPV.”