The process of devising an effective mechanism to maintain economic cooperation between the European Union and Iran in the face of the United States' sanctions against Tehran is in the final stage, a top foreign ministry official said.
Speaking at a regular press briefing on Monday, Foreign Ministry Spokesman Bahram Qasemi said the two sides had lengthy negotiations and reached agreements in major areas, which are expected to address all the demands of Iran.
"Discussions with the European Union, China and Russia that started after the US abandonment of the nuclear deal are still underway and near completion," he was quoted as saying by IRNA.
The US withdrew from the landmark 2015 nuclear pact in May and restored economic sanctions against Tehran.
The remaining parties have affirmed their commitment and are striving to save the accord by helping Iran counter the sanctions.
Qasemi stressed that the details of negotiations and the structure of the designed mechanism will not be disclosed out of concern for national interests.
"As the US spends a great deal of time and money to restrict other countries' economic ties with Iran and hostile parties endeavor to hold back Iran-EU relations, the details have not been and will not be disclosed," he said.
Qasemi stressed that all comments and interpretations in this regard are merely speculations by those who have no precise information regarding the mechanism that is about to be finalized.
"The term oil-for-food or any other similar interpretation is definitely not true," he said.
Western media outlets have reported that part of the envisioned system involves creating a barter system to exchange Iranian oil for European goods without money changing hands.
The idea is to circumvent US sanctions that will be reimposed in November, under which Washington can cut off from the US financial system any bank that facilitates an oil transaction with Iran.
