Bucharest - Britain, France and Germany will launch a special payment mechanism yesterday that the EU hopes will help save a nuclear deal with Iran by bypassing US sanctions, European sources told AFP. The formal announcement is expected to be made on yesterday afternoon by the German, French and British foreign ministers in Bucharest. EU diplomatic chief Federica Mogherini, who has led the bloc's efforts to save the Iran nuclear deal, said she welcomed the creation of INSTEX. "This step... the establishment of the special purpose vehicle, is I believe the mechanism that will allow legitimate trade with Iran to continue as foreseen in the nuclear agreement. Belgian Foreign Minister Didier Reynders said that despite differences over the nuclear deal, Europe shared many of Washington's concerns about Iran.

Source: Philippine Star January 31, 2019 16:50 UTC