ISNA – Iranian deputy Minister of Petroleum, Amir Hossein Zamaninia announced that expert-level negotiations between Iran and EU on establishing special payments channel are underway.

In an interview with ISNA news agency, Amir Hossein Zamaninia said, “Iran and EU are negotiating. Expert-level negotiations between Iran and EU (Germany, UK and France) on establishing special payments channel are underway”.

“We hope the special payments channel would be established before November 4,” he added.

Iran and Europe are trying to work out the special payments channel for maintaining economic ties with Tehran and for Iran’s oil, using barter and local currencies instead of dollars in order to bypass US sanctions which go into effect on November 4.