Trump says there's no plan to meet with 'lovely' Iran president

Meeting senior Iranians, Trump's dream: Velayati

The EU will create new payment channels to preserve oil and other business deals with Iran, Federica Mogherini, the bloc's foreign policy chief said late on Monday, in a bid to evade United States punitive measures.

Donald Trump and Iranian President Hassan Rouhani both took to the podium at the United Nations meeting in NY yesterday to condemn each other's actions.

Iran's economy is already suffering from the sanctions that Washington re-imposed after walking away from the nuclear agreement, and the USA has threatened to punish companies from other nations that continue doing business with Iran.

"Mindful of the urgency and the need for tangible results", Mogherini said, "participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a special objective vehicle to facilitate payments related to Iran's exports, including oil, and imports, which will assist and reassure economic operators pursuing legitimate business with Iran".

The idea is to circumvent US sanctions due to be restored in November under which Washington can cut off from the USA financial system any bank that facilitates an oil transaction with Iran.

In a statement after a meeting of Britain, China, France, Germany, Russia and Iran, the group said they were determined to develop payment mechanisms to continue trade with Iran despite scepticism by many diplomats that this will be possible.

It was spearheaded by the Obama administration and saw the lifting of global sanctions.

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The nuclear agreement is meant to prevent Tehran from developing nuclear weapons, but US President Donald Trump in May announced that he was unilaterally pulling out because he felt it was not strong enough and did not cover other issues of concern to the US, such as Iran's military influence in the Middle East.

He said: "Banks and financial messaging services such as SWIFT must take a good hard look at their business with Iran and ask themselves whether it is worth the risk".

She spoke while alongside Iranian Foreign Minister Javad Zarif.

Iran's supreme leader Ayatollah Ali Khamenei has accused U.S. allies Saudi Arabia and the United Arab Emirates of supporting Arab separatists who killed 24 people at a military parade last week in southwestern Iran.

Mogherini said the decision to establish the mechanism "has been taken" and that technical experts from European Union member states would now be convening to turn it into reality.

"I think it reflects the kind of the attitude that the Europeans have had about the decision by President Trump", he told Al Jazeera in an interview from Sydney, Australia. At the same time all external auditors have found that Iran has been complying with the agreement.

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