Abbas Araghchi: Iran creates bilateral mechanisms for oil trade bypassing US sanctions

Baku. 1 October. REPORT.AZ/ Iran is working with its partners to create bilateral mechanisms for oil trade bypassing the US sanctions, Iranian Deputy Foreign Minister Abbas Araghchi told RIA Novosti.

"We are negotiating with all our partners to establish bilateral mechanisms. With those who are our oil partners and with those who are not. We know we have a good experience from the previous round of sanctions before the JCPOA [the Joint Comprehensive Plan of Action, also known as the Iran nuclear deal]. We know how these bilateral arrangements can work. We are now again negotiating, and I am confident that we can handle this," Araghchi said.

The deputy minister highlighted that there were "different ideas to make sure that Iran's export of crude oil can continue.

"First, we should deal with the payment system. There are different ways for the payment system. With some of our importers, some of our partners we have come to a bilateral arrangement for selling oil and receiving its money. With some of them we are waiting for this SPV [Special Purpose Vehicle] by Europeans. Because as I have said SPV can also be used by third countries, non-Europeans countries as well," Araghchi explained.

The diplomat noted he was sure that Tehran could "handle" the US sanctions "either through bilateral mechanisms or European mechanism."

Notably, in May, US President Donald Trump announced that Washington is withdrawing from the agreement with Iran on the nuclear program.Trump also announced the restoration of all sanctions against Iran, including secondary ones, that is, with respect to other countries conducting business with Iran.