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Iran Set to Create Bank for European Transactions

The creation of such a bank would allow Europeans to continue trading with Iran, as well as with Russia, which is also facing US sanctions
Since the Iran nuclear deal came into effect in early 2016, many EU companies have engaged in deals with Iranian companies.Since the Iran nuclear deal came into effect in early 2016, many EU companies have engaged in deals with Iranian companies.
The EU is also considering how to protect its companies in Iran as well as retaliatory measures in the wake of the US pullout from the Joint Comprehensive Plan of Action

Tehran has taken preliminary steps to establish a bank for transactions between Iran and the European Union in euro to settle all financial issues that might arise after Washington's recent decision to withdraw from the Iran nuclear deal, Iranian Ambassador to Germany Ali Majedi said on Monday.
"We have not waited for others to take this move and adopted some measures to set up a euro-based bank … Europe should establish a euro bank to continue banking cooperation with Iran … Certainly, a bank that only works with euro will strengthen euro," Majedi was quoted as saying by Fars News Agency. 
"The creation of such a bank would allow Europeans to continue trade with Iran, as well as with Russia, which is also under the US sanctions."
The Iranian diplomat suggested that this bank could be private, added that it would be based in Germany, Sputnik reported. 

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