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.