Iranian Foreign Minister Foreign Minister Javad Zarif says the EU's national central banks have agreed to open financial channels with Iran which will also allow Tehran's other business partners to join.

Iran's Foreign Minister Mohammad Javad Zarif arrives at the EU council in Brussels, Belgium May 15, 2018.
Iran's Foreign Minister Mohammad Javad Zarif arrives at the EU council in Brussels, Belgium May 15, 2018. (Reuters Archive)

The Iranian foreign minister announced Friday that the central banks of certain European countries had agreed to form special financial channels to ease trade with Iran .

Foreign Minister Javad Zarif stated that seven national central banks had agreed to form a special mechanism and praised the efforts put forth by France, Germany, Russia, the UK and EU officials.

“In a following step, the European central banks will upgrade the mechanism to a corporate structure," Zarif said.

Speaking on state television, the Iranian foreign minister said establishing the mechanism would be time-consuming but that Iran would complete its share rapidly.

European Union Foreign Policy Chief Federica Mogherini said that the channels would not only be used in trading with Iran but also with Tehran's other business partners.

The channels aim to sidestep unilateral United States sanctions against Iran, which have triggered a rapid departure of foreign firms and ended his hopes of attracting large-scale investment.

Source: TRTWorld and agencies