Tasnim – An Iranian lawmaker said the European package of measures to secure Iran’s benefits from the 2015 nuclear deal would be announced before November 4, when a new round of US sanctions against Tehran comes into force.

In an interview with Tasnim, Chairman of the Iranian Parliament’s Nuclear Committee Mojtaba Zolnoor said the European parties to the deal have almost reached a conclusion on the measures to neutralize the anti-Iran US sanctions that will take effect on November 4.

Iran and Europe have made decisions on the matter and packages have also been prepared that will be announced before the onset of the US sanctions early next month, he added.

In late September, Iranian Deputy Foreign Minister Abbas Araqchi made it clear for Europeans that their proposed mechanism for neutralizing the US oil and banking sanctions against Iran must be fully or partly carried out by November 4.

Even if not fully in force, at least the framework of the European mechanism for sustained trade with Iran under the fresh round of American sanctions must be defined until November 4 and part of it should be working, Araqchi said.

The European Union said in September that its members would set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions after the US withdrew from the 2015 nuclear agreement between Tehran and world powers.

With the United States and the dollar dominating so much of global trade, the statement said the new mechanism would "facilitate payments related to Iran's exports (including oil) and imports, which will assist and reassure economic operators pursuing legitimate business with Iran."