1032 GMT July 21, 2019
The mechanism called special purpose vehicle (SPV) includes many items such as medicine, food and other commodities, Qassemi said at his weekly press conference on Monday, IRNA reported.
Industrial and economic investments should also be included in the EU mechanism which can be established with other countries as well, he added.
Following the United States’ withdrawal from the 2015 Iran nuclear deal in May and reimposition of sanctions against Tehran, the EU designed the mechanism to facilitate trade with Iran, bypass the US financial system, and avoid any impact of America's secondary sanctions.
Under the deal, reached between Iran and six major powers – the US, Britain, France, Germany, Russia and China – Tehran agreed to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions.
The Trump administration announced early in November the reimposition of the “toughest” sanctions ever against Iran's banking and energy sectors with the aim of cutting off the country's oil sales and crucial exports.
A first round of American sanctions took effect in August, targeting Iran's access to the US dollar, metals trading, coal, industrial software, and auto sector.
The US administration hoped to get the other parties to the deal with Iran to likewise scrap the deal, but instead, they stressed that not only would they stick to the agreement, but they would also work to sustain it in the face of increased US pressure.
Iran and the 28-nation bloc have been discussing various ways to continue doing business with Iran and bypass US sanctions.