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Iran FM: difficulties in setting up trade mechanism with Europe

Iranian President Hassan Rouhani (L) meets with French President Emmanuel Macron (R) within the 73rd Session of the UN General Assembly in New York, United States on September 26, 2018. ( Presidency of Iran / Handout - Anadolu Agency )

Iranian Foreign Minister, Mohammad Javad Zarif said Tuesday that European countries find it difficult to set up a special mechanism to trade with Iran without using the US dollar.

“In fact, some countries that were proposed to host the mechanism did not accept this task, and negotiations continue to choose a host for the mechanism” Zarif was quoted by Iranian media as saying.

The mechanism will allow Tehran to continue bilateral trade relations with Europe despite the US sanctions imposed on the Islamic Republic.

Under the mechanism, Europe will pay in goods and services for Iranian crude oil.

The United States re-imposed sanctions on the Iranian oil, banking and transport sectors earlier this month.

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