Date: 4 months ago   Category: Economy

The EU together with Russia and China will create the mechanism for calculations with Iran in circumvention of sanctions of the USA — Rambler News Service


The EU together with Russia and China will create the mechanism for calculations with Iran in circumvention of sanctions of the USA
Photo: Ralph Peters/imago stock&people/globallookpress.com Russia, China, France, Great Britain and Germany intend to create the special mechanism for calculations with Iran in circumvention of the American sanctions, the Reuters agency with reference to a joint statement of participants of the transaction has reported. "In view of urgency and need of notable results, participants have greeted practical offers on maintenance and development of channels of payment, in particular an initiative of creation of the special mechanism for simplification of the payments connected with the Iranian export including oil" — participants of the transaction on Iran in a joint statement have reported. The initiative consists in creation of the special barter system similar to that which was used in the Soviet Union during Cold War. According to the agency, the Iranian oil is suggested to be exchanged for goods from member countries of the European Union. The new mechanism has to help to bypass sanctions of the USA which will come into force in November of the current year. Restrictive measures will concern all countries which do business with Iran. The EU High Representative for foreign affairs Federica Mogherini has specified that the decision on creation of the financial mechanism is already made. The meeting of technical experts who will approve details will shortly take place. According to Mogherini, as a result EU Member States will create the separate legal entity for business with Iran that will allow the European companies to continue trade with the Islamic republic according to the legislation of the European Union. Nevertheless, many diplomats are skeptical about the proposal of participants of the transaction on Iran and consider that the USA will be able to make changes to regulations on sanctions to forbid similar operations. The joint comprehensive plan of actions which is often called by the nuclear transaction with Iran was signed in the summer of 2015 by representatives of the USA, Russia, China, Great Britain, France, Germany and Iran. Within the transaction Tehran has agreed to the termination of own nuclear program in exchange for cancellation of sanctions. The U.S. President Donald Trump has declared an exit from the agreement in May, 2018.

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