Sputnik - The EU-proposed financial mechanism that will enable countries to bypass US sanctions on trade with Iran will be launched next month, Iran�s ambassador to Russia said.



"This mechanism will be launched in�November 2018," Mehdi Sanaei told Russia�s Izvestia newspaper in�an interview published Tuesday.


The United States slapped Iran with�new sanctions after�accusing it of�violating the 2015 nuclear deal with�six world powers. Curbs on�financial flows to�Iran are expected to�take effect on�November 4.

"Iran is a responsible member of�the international community. The reports by�the IAEA � there are more than�12 � prove that Iran complies with�its obligations. So the EU is working on�a financial-economic plan for�trade cooperation with�Iran," the diplomat said.

EU's plan was announced in�September by�its foreign policy chief Federica Mogherini after�a meeting of�Chinese, French, German, Russian and UK foreign ministers. The new payment system will comply with�international standards and will be open other partners in�the world.