The European Union is on the verge of launching an alternative channel to send money to Iran that would sidestep U.S. sanctions against the Islamic republic, Germany’s foreign minister said Monday.

The “special purpose vehicle,” or SPV, is part of EU efforts to keep alive an international agreement aimed at curbing Iran’s nuclear ambitions. The future of the U.N. Security Council underwritten pact was thrown into doubt when President Donald Trump pulled out last year slamming it as a “horrible, one-sided deal.”

German Foreign Minister Heiko Maas told reporters in Brussels that “as far as the special purpose vehicle is concerned: it will be registered, it has not yet been registered, but I would say that the implementation of our plan is imminent.”