EU-Iran Payment Vehicle 'Short On Details' Despite Formal Announcement

European authorities have announced that a new payment system will be established to “facilitate legitimate financial transactions with Iran”, after the US reinstated its sanctions programme against the country.

Ministers for China, France, Germany, Russia and the UK — signatories of the Joint Comprehensive Plan of Action (JCPOA) — have convened with Iranian representatives at the UN’s New York headquarters to reiterate their commitment to keeping commerce open.

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