The European Union will create new payment channels to facilitate business with Iran and circumvent US sanctions, Federica Mogherini, the bloc's foreign policy chief, says.
Her announcement came after a meeting with representatives from Britain, France, Germany, Russia, China and Iran on the sidelines of the General Assembly in New York.
Mogherini said that all agreed that Iran was fulfilling its obligations as part of the 2015 nuclear deal, from which US President Donald Trump withdrew in May, to the dismay of his country's traditional allies.
The new instrument will allow companies to do business with Iran without coming into conflict with US sanctions, including those on oil exports, she said.
The US reimposed sanctions on Tehran in August, which will also punish foreign companies doing business with Iran. A second round of sanctions is expected in November, aimed at putting a stranglehold on Iranian oil exports.
