Iran welcomes expected new EU trade entity as ‘first step’

Tehran cautiously welcomes as a “first step” the expected launch of an EU trade entity aimed at saving Iran’s nuclear deal by bypassing US sanctions.

The special payment mechanism “is the first step within the set of commitments the Europeans have made to Iran which I hope will be fully implemented and not be incomplete,” says deputy foreign minister Abbas Araghchi, according to state news agency IRNA.

The formal announcement of the new payment vehicle is expected to be made today by the German, French and British foreign ministers in Bucharest.