Mogherini hopes Iran-EU financial channel to become operational in next few weeks

She made the remarks in a Monday press conference in Brussels after EU Foreign Ministers' Summit.

The EU official had told reporters on Thursday that the bloc remains fully committed to the full implementation of the JCPOA, saying so far Iran has been fully compliant with all of its nuclear-related commitments. She also voiced hope that the EU's full commitment to preserve the agreement would contribute to preserve it in the future, Sputnik news agency reported.

Foreign ministers of EU member states, as well as the bloc's foreign policy chief Federica Mogherini, gathered on Monday in Brussels to discuss ways of preserving the Iran nuclear deal.

The EU foreign policy chief added that she had chaired a meeting earlier in the day which, apart from her, included foreign ministers of France, Germany and the United Kingdom. The steps toward implementing a mechanism for sanctions-safe transactions with Iran dubbed “INSTEX” were discussed. Mogherini said she hoped for the mechanism to become operational in the next few weeks.

Iran's President Hassan Rouhani announced on 8 May — one year the after US withdrawal from the JCPOA — that Tehran would partially discontinue its commitments under the deal. The Iranian president gave Europe 60 days to ensure Iran's interests were protected under the agreement. Otherwise, Tehran is ready to take further steps towards scrapping the nuclear deal, Rouhani added.

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