Iran's Rouhani praises Europe for taking "a big step" to maintain business with Tehran (UPDATE 1)

Iran's President Hassan Rouhani praised Europe on Wednesday for taking a "big step" to maintain business with Tehran after the United States' unilateral withdrawal from a 2015 nuclear deal and re-imposition of new sanctions on the Islamic Republic.

U.S. President Donald Trump in May withdrew from Iran’s nuclear agreement with world powers which is aimed at stalling Tehran’s nuclear capabilities in return for lifting some sanctions and ordered the reimposition of U.S. sanctions suspended under the deal.

European powers have been scrambling to salvage the accord. The European Union announced last week a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran could be in place before November.

"To maintain financial and monetary relations in Iran, Europe has formed a special body... Europe has taken a big step," Rouhani was quoted as saying by Tasnim news agency.

Rouhani was quoted as saying by Tasnim news agency that Trump was mounting pressures on Tehran for "domestic political gains."

The World Court ordered the United States on Wednesday to ensure that sanctions against Iran do not impact humanitarian aid or civil aviation safety. 

(With inputs from agencies.)