Five countries that are signatories to the Iran nuclear deal announced Monday night that they will create a financial mechanism to allow them to continue trade with Iran, including importing oil, as U.S. sanctions kick in this November.

European Union foreign policy chief Federica Mogherini made the announcement to reporters at the United Nations in New York on the sidelines of the General Assembly.

She said "the initiative" to create the special mechanism will "facilitate payments related to Iran's exports, including oil," to "assist and reassure economic operators pursuing legitimate business with Iran.”

She made the remarks after a closed-door meeting with foreign ministers from the United Kingdom, France, Germany, Russia, China and Iran. The Iranian foreign minister accompanied Mogherini as she read the statement.

Mogherini said creating the "Special Purpose Vehicle" to continue trade with Iran will enable signatories to the 2015 nuclear deal to keep it place, even as the U.S. has announced it is pulling out.

Both the European Union and Iran say the nuclear deal is working, and that the International Atomic Energy Agency has certified 12 times that Iran is complying with its obligations.

President Trump announced he would pull the U.S. out from the nuclear deal with Iran in May after he determined it was not strong enough. Secretary of State Mike Pompeo said Sunday that the administration is open to meeting with the delegation from Iran during the U.N. General Assembly this week.

The price of oil has risen in recent weeks due, in part, to oil from Iran being withdrawn from the global market in the run-up to U.S. sanctions on its oil exports that ramp up in early November.