The EU Member States will set up a legal entity enabling legitimate financial transactions, in accordance with international standards, with Iran, High Representative Federica Mogherini announced in New York. Mogherini chaired a meeting of the remaining parties to the Iran deal on the margins of the UN General Assembly.

The new payment system will assist and provide reassurance to European businesses wishing to continue trading with Iran, mitigating the effect of re-imposed US sanctions, in accordance with European Law. The new mechanism could be opened to other partners in the world.

The decision to establish this "Special Purpose Vehicle" has been taken, also following extensive exchanges between the EU, France, Germany, the United Kingdom, Russia and China since July.

Experts from EU Member States will now have to make the decision operational at the technical level.

The participants to the meeting recognised that Iran has continued to fully and effectively implement its nuclear-related commitments, as confirmed by twelve consecutive reports by the International Atomic Energy Agency, and reiterated the need to continue to do so.

"The JCPOA is a key element of the global non-proliferation architecture and a significant achievement of multilateral diplomacy endorsed unanimously by the UN Security Council through Resolution 2231", a joint statement read. Iranian Foreign Minister Zarif, who also attended the meeting, read the joint statement in Farsi.

The United States unilaterally withdraw from the agreement and re-imposed sanctions lifted under the Iran deal and UN Security Council Resolution 2231.

"The fact that we are still here, being able to say that the deal is still fully implemented - as the IAEA [International Atomic Energy Agency] has done less than a month ago - is something that is encouraging," High Representative Mogherini said in a press conference highlighting the determination to safeguard the deal.

Participants said they are determined to protect the freedom of their economical operators to pursue legitimate business with Iran and said that this initiative is aimed at preserving the Iran deal, which is in the international interest.