Central Banking

EU countries to build payments link with Iran

Federica Mogherini
Federica Mogherini
Cabinet of Ukraine

The three largest European Union economies plus Russia and China have agreed to establish a payments link to allow petrochemical trade with Iran to continue in the face of US sanctions.

The group, made up of the remaining nations behind the Iranian nuclear deal, said EU members would work to build a “special purpose vehicle” that would permit ongoing trade.

Federica Mogherini, the EU’s top diplomat, told journalists on September 24 that EU members would now proceed to put in place the

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