UNITED NATIONS (Reuters) – The remaining parties to the Iran nuclear deal on Monday agreed to keep working to maintain trade with Tehran despite skepticism this is possible as US sanctions to choke off Iranian oil sales resume in November. US President Donald Trump decided in May to abandon the pact and to restore economic sanctions on Iran, including those that seek to force the OPEC member’s major oil customers to stop buying Iranian crude. In a statement after a meeting of Britain, China, France, Germany, Russia and Iran, the group said they were determined to develop payment mechanisms to continue trade with Iran despite skepticism by many diplomats that this will be possible. Several European diplomats said the SPV idea was to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands. The crux of the 2015 nuclear deal, negotiated over almost two years by the administration of former US President Barack Obama, was that Iran would restrain its nuclear program in return for the relaxation of sanctions that had crippled its economy.

Source: Egypt Independent September 25, 2018 14:26 UTC