Sputnik - Earlier, the United States re-imposed a second portion of sanctions against Iran, with the latest measures concerning the country's oil exports among other things.




The European Union has stepped up�work on�the creation of�a special mechanism that will facilitate trade with�Tehran amid�US sanctions, Maja Kocijancic, the European Commission's spokeswoman for�foreign affairs and security policy, said at�a press briefing on�Wednesday.
"The work on�setting up�the SPV, or the special purpose vehicle, is continuing, and is actually accelerated," Kocijancic said.


She specified that the mechanism would enable European exporters and importers to�pursue legitimate trade with�Iran.

The European Union regrets the banking transfers operator SWIFT's move to�suspend Iranian banks from�the service, a European Commission representative said.
"We've noted the decision of�the SWIFT, and we find this decision, or rather the disconnection, regrettable as�it risks affecting the integrity of�the international financial system. We as�the European Union remain committed to�supporting the Iran nuclear deal, the JCPOA, as�a matter of�our own security, and will therefore continue to�seek to�preserve the benefits that arise from�this agreement," Kocijancic said.


The SWIFT banking network announced on�Monday it had suspended several Iranian banks from�its service in�light of�Washington's move to�reimpose nuclear sanctions on�Tehran.

In May, US President Donald Trump announced that the United States would withdraw from�the Iran nuclear agreement and re-impose sanctions against�Tehran that were lifted under�the accord.

As the United States announced that it would withdraw from�the deal and reinstate sanctions against�Iran, other participants of�the JCPOA, including Iran itself, China, Germany, France, Russia, the United Kingdom and the European Union, reaffirmed their commitment to�the agreement.

Earlier, EU foreign policy chief Federica Mogherini and the foreign ministers of�France, Germany and the United Kingdom said in�a joint statement that as�parties to�the JCPOA, they would continue to�work with�Russia, China and third countries to�preserve effective financial channels with�Iran.