SPUTNIK NEWS / BATTLE FOR WORLD - September 24, 2018: The article highlights that the European Union will set up a legal entity to facilitate legitimate financial transactions with Iran to allow continued trade, EU High Representative for Foreign Affairs and Security Federica Mogherini said after the ministerial meeting of JCPOA participant nations Monday (September 24).

The JCPOA participants reconfirmed their commitment to its full and effective implementation in a good faith and in a constructive atmosphere," Mogherini said on Monday (September 24).

Reading the joint statement of Joint Comprehensive Plan of Action (JCPOA) participant nations meeting, EU High Representative for Foreign Affairs and Security Federica Mogherini said that the group of five nations confirmed their commitment to the deal, and stressed the importance of developing a payment mechanism to let trade with Iran continue in the face of reimposed US sanctions.

The remaining participants of the brokered Iran deal — UK, China, France, Germany, Russia and Iran — also confirmed the importance of protecting companies that conduct business with Tehran.

"Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a special purpose vehicle to facilitate payments related to Iran's exports, including oil, and imports" Mogherini told reporters while speaking alongside Iran's Foreign Minister Mohammad Javad Zarif.

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