MNA – Iran’s Ambassador to Turkey Mohammad Farazmand announced that Iran and Turkey are working on establishment of a new anti-sanctions financial mechanism to protect mutual trade and economic ties.

“Iran exports a large volume of gas to Turkey and we need a new mechanism to be created to ease financial transactions via our national currencies,” he said.

“We are on the process of establishing a joint bank, as well,” he informed.

“All countries are entitled to develop common trade ties with each other and nothing illegal has been done in this regard,” Farazmand said.

“This is not done to prevent US sanctions. We do not want to circumvent regulations,” he underlined, “However, the US is carrying out an economic terrorism besides sanctions on Iran which is violating our countries’ rights.”

According to Iranian officials, Turkey is vehemently interested in increasing volume of gas purchase from Iran.

The country is also among criticizers of US sanctions on Iranian oil exports.