China will partner with Russia and the EU’s three leading economies to set up a new payments channel with Iran ahead of Washington’s decision to reinstate heavy sanctions on the country, the Financial Times reports.
Foreign ministers of China, Russia, Germany, the UK and France issued a joint statement on Tuesday saying that the deal will “assist and reassure economic operators pursuing legitimate business with Iran.” Iran’s key export, oil, will be included in the new arrangement.
The 2015 Iran nuclear deal – labelled the “worst deal ever” by President Donald Trump – was a particularly unpopular policy among factions of US lawmakers. The five countries partaking in the new payment system, however, remain signatories.