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Iranian Envoy Reveals Launch Time of New EU Trade Scheme to Bypass US Sanctions

© AFP 2021 / ATTA KENAREEuro and United States 100-dollar banknotes and Iran's rial banknotes
Euro and United States 100-dollar banknotes and Iran's rial banknotes - Sputnik International
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MOSCOW (Sputnik) - The EU-proposed financial mechanism that will enable countries to bypass US sanctions on trade with Iran will be launched next month, Iran’s ambassador to Russia said.

"This mechanism will be launched in November 2018," Mehdi Sanaei told Russia’s Izvestia newspaper in an interview published Tuesday.

John Bolton, the former U.S. ambassador to the United Nations, arrives at Trump Tower for a meeting with President-elect Donald Trump, Friday, Dec. 2, 2016, in New York - Sputnik International
Bolton: US, Russia Will Benefit From Sanctions on Iran
The United States slapped Iran with new sanctions after accusing it of violating the 2015 nuclear deal with six world powers. Curbs on financial flows to Iran are expected to take effect on November 4.

"Iran is a responsible member of the international community. The reports by the IAEA – there are more than 12 – prove that Iran complies with its obligations. So the EU is working on a financial-economic plan for trade cooperation with Iran," the diplomat said.

EU's plan was announced in September by its foreign policy chief Federica Mogherini after a meeting of Chinese, French, German, Russian and UK foreign ministers. The new payment system will comply with international standards and will be open other partners in the world.

READ MORE: Scores of EU Firms Ready to Work With Iran Despite US Sanctions — Tehran

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