ISNA � Iranian deputy Minister of Petroleum, Amir Hossein Zamaninia announced that expert-level negotiations between Iran and EU on establishing special payments channel are underway.

In an interview with ISNA news agency, Amir Hossein Zamaninia said, �Iran and EU are negotiating. Expert-level negotiations between Iran and EU (Germany, UK and France) on establishing special payments channel are underway�.

�We hope the special payments channel would be established before November 4,� he added.

Iran and Europe are trying to work out the special payments channel for maintaining economic ties with Tehran and for Iran�s oil, using barter and local currencies instead of dollars in order to bypass US sanctions which go into effect on November 4.