TEHRAN, Dec. 5 (Xinhua) -- Iranian Foreign Minister Mohammad Javad Zarif said Wednesday that Europe will finalize a cooperation mechanism for facilitating mutual financial transactions "soon" to avoid the U.S. banking sanctions on Iran.
He was informed during last week's trips to Brussels and Geneva that Europe has made final arrangements for a special purpose vehicle (SPV) and the financial mechanism will be established in the near future, Zarif was quoted as saying by Tasnim news agency.
Since Washington seeks to hinder any development which is in favor of Iran, the Europeans are handling the process of establishment of the SPV confidentially until achievement of the final result, Zarif said.
The Europeans have made extensive efforts to save the 2015 nuclear deal over the past few months, Zarif added.
After the U.S. withdrawal from the Iranian nuclear deal in May, the remaining parties, including the EU, have been trying to keep the deal afloat.
U.S. President Donald Trump has vowed to re-impose oil and banking sanctions on Iran, which were lifted under the 2015 international nuclear deal.
A clearing house, known as a SPV, which is designed to allow European companies to bypass the U.S. sanctions, is due to be set up by the EU within the next few months, according to the Western media.