"Europe has established a special institution for keeping its financial and monetary relations with Iran. The European financial institution is an important step and JCPOA’s survival depends on normal economic relations with Iran," Rouhani said, as quoted by his press service.
The statement of the Iranian President referred to the words of EU foreign affairs chief Federica Mogherini and foreign ministers of the five other remaining signatories to the nuclear deal, who had announced the decision to establish a Special Purpose Vehicle (SPV) in September. According to the European politicians, it would facilitate legitimate transactions with Iran, related to the country’s exports, including oil, and imports.
The SPV was a response to Washington's sanctions against Tehran, with the first round of restrictions reinstated in August, while the second to take effect on November 5.