TEHRAN – Iranian Deputy Foreign Minister Abbas Araqchi said on Tuesday that European financial mechanism to save the 2015 nuclear deal with Iran now that the U.S. has exited the agreement will be announced in the near future.

“We are consulting with Europe on financial mechanisms, and we hope that the mechanisms will be announced in the near future,” he told IRNA.

The Wall Street Journal published a report on November 26 according to which France and Germany will likely host the Special Vehicle Purpose (SPV), the special payment channel created by Europe as part of its efforts to keep trade flowing with Iran in defiance of U.S. sanctions.

Araqchi said the SPV would facilitate financial transactions for importing and exporting commodities between Iran and the European Union.

During a press conference on Monday, Iranian Foreign Ministry spokesman Bahram Qassemi said, “we expect the respective sides work seriously and firmly to complete these mechanisms.”

NA/PA