00:19 GMT27 September 2020
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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.

    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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