TEHRAN – The European Union will launch a payment mechanism for economic cooperation with Iran in the “near future,” EU Ambassador to Moscow Markus Ederer has said.

“Discussion of the technical parameters of the creation of this mechanism continues, and I believe that this mechanism will be launched in the near future, including due to the introduction of new U.S. sanctions against Iran, which will occur on November 5,” Teller Report on Sunday quoted Ederer as saying.

According to Ederer, the mechanism will have to maintain and develop payment channels for the export of Iranian products, including oil, as well as the import of European products to Iran.

MH/PA